The number of Canadians investing in vacation properties is on the rise. These properties offer a variety of benefits, including relaxation, wealth-building opportunities, and the chance for quality family time. It is now easier than ever to obtain a mortgage for a vacation property, even if it is non-winterized or located in a remote area. Different lending criteria apply to secondary homes compared to primary residences, with some vacation properties requiring a minimum down payment of 5% or 10%, while others may require 20% or more. The type of cottage or property also affects the down payment and interest rates. Mortgage options depend on whether the property is year-round accessible or seasonal. Various methods, such as mortgage refinancing, HELOC, or reverse mortgage, can be used to incorporate down payments. Innovative tools are available in Canada to streamline the mortgage process and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out to us.