More and more Canadians are choosing to invest in vacation properties, whether for relaxation, wealth-building, or family moments. Accessible mortgages with low rates are available for vacation properties, even those that are not winterized or in remote locations. Whether you're looking for a lake cottage or a college housing option, there are mortgage options to suit your needs. 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 qualify for a minimum down payment of 5% or 10%, while others may require 20% or higher. These properties are categorized differently and receive different treatment from lenders. The down payment and rates may also vary depending on the type of cottage. Mortgage options are determined by property type, whether it is categorized as 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 process, reach out to us.