An increasing number of Canadians are choosing to invest in vacation properties as a means of relaxation, wealth-building, and creating family memories. These properties are becoming more accessible through mortgages with low interest rates, even for non-winterized or remote locations. Whether it's a lake cottage or a housing option for college, there is a mortgage available to suit various purposes. However, the lending criteria for second or third homes differ from those for primary residences. Depending on the category of vacation or secondary home, down payment requirements can range from a minimum of 5% or 10% to 20% or higher. Different types of cottages also have varying down payment requirements and may receive different interest rates. The availability of mortgage options is dependent on whether the property is categorized as year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, HELOC, or reverse mortgage. Canada offers innovative tools to streamline the mortgage application process and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out to us.