An increasing number of Canadians are choosing to invest in vacation properties, whether it be for relaxation, building wealth, or creating family memories. These properties, including non-winterized or remote locations, can be financed with accessible mortgages that offer low rates. Whether you're looking for a lake cottage or a housing option for college, you can find the best mortgage to suit your needs. However, it's important to note that second or third homes have different lending criteria compared to primary residences. While some vacation and secondary homes may only require a minimum down payment of 5% or 10%, others may require 20% or higher. These properties are categorized differently and are treated differently by lenders. Additionally, the requirements and rates for different types of cottages vary. Mortgage options also depend on the property type, whether it is year-round accessible or seasonal. To incorporate down payments, you can explore options such as mortgage refinancing, HELOC, or reverse mortgage. Canada offers innovative tools to streamline the mortgage process and ensure accuracy. For more information and a quick mortgage pre-approval, reach out to us.