An increasing number of Canadians are choosing to invest in vacation properties. These properties provide a getaway home for relaxation, as well as opportunities for wealth-building and creating memorable family moments. Accessible mortgages with low rates are available for vacation properties, even in non-winterized or remote locations. Whether you are looking for a lake cottage or a college housing option, you can find the best mortgage to suit your needs. It is important to note that different lending criteria apply to second or third homes compared to primary residences. While some vacation and secondary homes may qualify for a minimum down payment of 5% or 10%, certain categories will require 20% or higher. Each property type, categorized as year-round accessible or seasonal, has different requirements and may receive different treatment from lenders. Down payments can be incorporated through various methods such as mortgage refinancing, HELOC, or reverse mortgage. Canada offers innovative tools to streamline the mortgage process and ensure accuracy. For complete information and a quick mortgage pre-approval process, reach out to us.