A growing number of Canadians are choosing to invest in vacation properties. These properties offer a range of benefits including relaxation, the potential for wealth-building, and the opportunity to create lasting memories with family. Fortunately, there are accessible mortgage options available with low interest rates, even for non-winterized or remote vacation properties. Whether you're looking for a lake cottage or a housing option for a college student, it's important to note that different lending criteria apply to secondary homes compared to primary residences. Some vacation and secondary homes may qualify for a down payment as low as 5% or 10%, while others will require a minimum of 20% or more. It's also worth mentioning that different types of cottages have varying down payment requirements and may receive different interest rates. The availability of mortgage options will depend on whether the property is year-round accessible or seasonal. Additionally, there are innovative tools available in Canada to simplify and ensure accuracy throughout the mortgage process. For more information or a quick mortgage pre-approval, reach out to us.