The number of Canadians investing in vacation properties is on the rise. These properties offer a chance for relaxation, wealth-building, and quality time with family. Even non-winterized or remote locations can be financed with accessible mortgages that have low interest rates. Whether you're looking for a lake cottage or a housing option for your college-aged child, there are mortgage options available. It's important to note that different lending criteria apply to second or third homes compared to primary residences. Some vacation and secondary homes may only require a minimum down payment of 5% or 10%, while others may require 20% or more. The requirements and rates also vary depending on the type of cottage, whether it is year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, HELOC, or reverse mortgage. In Canada, there are innovative tools available to streamline the mortgage process and ensure accuracy. For more information and a quick mortgage pre-approval, reach out for assistance.