An increasing number of Canadians are choosing to invest in vacation properties for relaxation, wealth-building, and family moments. Accessible mortgages with low rates are available for vacation homes, including non-winterized or remote locations. Different lending criteria apply to second or third homes compared to primary residences, with some properties qualifying for a minimum of 5% or 10% down payment while others may require 20% or higher. Different types of cottages have varying requirements for down payments and receive different treatment from lenders based on categorization as year-round accessible or seasonal. Innovative tools in Canada can streamline the mortgage process, including options for incorporating down payments through refinancing, HELOC, or reverse mortgage. For complete information and a quick mortgage pre-approval process, reach out to learn more.