The number of Canadians investing in vacation properties is on the rise. These properties offer opportunities for relaxation, wealth-building, and creating memories with family. Even non-winterized or remote locations can be financed with accessible mortgages that have low interest rates. Whether you're looking for a lake cottage or a housing option for college, there are mortgages available to meet your needs. Second or third homes have different lending criteria compared to primary residences. While some vacation and secondary homes can be purchased with a minimum down payment of 5% or 10%, others require 20% or more. The type of cottage also affects the down payment and interest rates. Mortgage options are dependent on the property's classification as year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, HELOC, or reverse mortgage. Canada offers innovative tools to simplify and ensure accuracy in the mortgage process. For complete information and a quick mortgage pre-approval, reach out today.