An increasing number of Canadians are choosing to invest in vacation properties, whether it be for relaxation, building wealth, or creating lasting family moments. Even non-winterized or remote locations are now accessible with mortgages that offer low rates. Whether you're looking for a lake cottage or a housing option for college, there are various mortgage options available to suit your needs. It's important to note that lending criteria for second or third homes differ from primary residences. Some vacation and secondary homes may qualify for a minimum down payment of 5% or 10%, while others may require 20% or higher. Different types of cottages also have different requirements in terms of down payment and interest rates. Mortgage options will depend on whether the property is categorized as year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. Take advantage of innovative tools in Canada to ensure a streamlined and accurate mortgage process. For more information and a quick mortgage pre-approval process, reach out today.