An increasing number of Canadians are choosing to invest in vacation properties for relaxation, wealth-building, and family time. Accessible mortgages with low rates are available for various types of vacation properties, including non-winterized or remote locations like lake cottages or college housing options. Different lending criteria apply for second or third homes compared to primary residences, with some properties requiring a minimum down payment of 5% or 10%, while others may need 20% or more. Various types of cottages have different requirements and receive different treatment from lenders, depending on whether they are categorized as year-round accessible or seasonal. Potential investors can incorporate down payments through mortgage refinancing, HELOC, or reverse mortgage options. To learn more about innovative tools and streamline the mortgage pre-approval process in Canada, reach out for complete information.