The number of Canadians investing in vacation properties is increasing. These properties offer opportunities for relaxation, wealth-building, and family time. Accessible mortgages with low rates are available for vacation properties, including those in non-winterized or remote locations. Various mortgages are available for different purposes, such as lake cottages or college housing options. Lending criteria for second or third homes differ from primary residences. Some vacation and secondary homes can be purchased with a minimum down payment of 5% or 10%, while others require 20% or more. Different types of cottages have different requirements, with certain types requiring higher down payments and receiving higher rates. Mortgage options depend on whether the property is categorized as year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. Innovative tools in Canada can streamline processes and ensure accuracy. For complete information and a quick mortgage pre-approval process, reach out to us.