The number of Canadians investing in vacation properties is on the rise. These properties offer opportunities for relaxation, wealth-building, and quality family time. Even for non-winterized or remote properties, accessible mortgages with low rates are available. Whether you're looking for a lake cottage or housing for college, the best mortgage options can be found. However, lending criteria for second or third homes differ from primary residences. Some vacation and secondary homes allow for a minimum down payment of 5% or 10%, while others require 20% or more. Categorization and treatment by lenders vary based on the type of property. Certain types of cottages have higher down payment requirements and rates. Mortgage options also depend on whether the property is year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, HELOC, or reverse mortgage. Canada offers innovative tools to simplify the process and ensure accuracy. For comprehensive information and a speedy mortgage pre-approval, reach out today.