An increasing number of Canadians are choosing to invest in vacation properties for various reasons such as relaxation, wealth-building, and creating special family moments. Fortunately, there are accessible mortgages available with low rates, even for non-winterized or remote locations. Whether you're interested in a lake cottage or a college housing option, there are different lending criteria for second or third homes compared to primary residences. Depending on the category, some vacation and secondary homes may require a minimum down payment of 5% or 10%, while others may require 20% or higher. Different types of cottages also have specific requirements, with certain types requiring higher down payments and receiving higher rates. Mortgage options are based on the property type, categorized as year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, HELOC, or reverse mortgage. Take advantage of innovative tools in Canada that streamline processes and ensure accuracy. For complete information and a quick mortgage pre-approval process, reach out to our team.