A growing number of Canadians are choosing to invest in vacation properties for various reasons such as relaxation, wealth-building, and creating family memories. These properties, including non-winterized or remote locations, can be financed through accessible mortgages with low interest rates. Depending on the purpose of the property, such as a lake cottage or college housing option, different lending criteria apply compared to primary residences. While some vacation and secondary homes may qualify for a minimum down payment of 5% or 10%, others, based on their category, may require a higher down payment of 20% or more. Rates and down payment requirements also vary depending on the type of cottage, whether it is year-round accessible or seasonal. To facilitate the financing process, options such as mortgage refinancing, HELOC, or reverse mortgage can be used to incorporate down payments. Canada offers innovative tools to streamline the mortgage process and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out for complete details.