An increasing number of Canadians are choosing to invest in vacation properties as a means of relaxation, wealth-building, and creating memorable family moments. These properties, even non-winterized or in remote locations, can be accessed through mortgages with low rates. Whether you are looking for a lake cottage or a college housing option, there are various mortgage options available to suit your needs. However, it is important to note that different lending criteria apply to second or third homes compared to primary residences. While some vacation and secondary homes may require a minimum down payment of 5% or 10%, others may require 20% or higher. Additionally, different types of cottages may have different requirements in terms of down payment and interest rates. It is also possible to incorporate down payments through mortgage refinancing, a Home Equity Line of Credit (HELOC), or a reverse mortgage. To make the process easier and more accurate, Canada offers innovative tools for streamlined processes. For more information and a quick mortgage pre-approval process, reach out to us.