The number of Canadians investing in vacation properties is on the rise. These properties offer a range of benefits, including relaxation, wealth-building, and quality time with family. Additionally, mortgage options for vacation homes are becoming more accessible, even for properties that are not winterized or in remote locations. Whether it's a lake cottage or a housing option for college, finding the best mortgage is possible. However, it's important to note that lending criteria for second or third homes differ from primary residences. Some vacation and secondary homes may only require a minimum 5% or 10% down payment, while others may require 20% or more. Cottages, in particular, have their own set of requirements, with certain types necessitating higher down payments and receiving higher rates. The availability of mortgage options also depends on the property type, categorized as year-round accessible or seasonal. Down payments can be incorporated through various methods, such as mortgage refinancing, HELOC, or reverse mortgage. Canada offers innovative tools for a streamlined and accurate mortgage process. For more information and a quick mortgage pre-approval process, reach out today.