The number of Canadians investing in vacation properties is on the rise. These properties offer a variety of benefits such as relaxation, wealth-building, and the opportunity to create lasting family memories. Even non-winterized or remote vacation properties can be financed with accessible mortgages that offer low rates. Whether you are interested in a lake cottage for weekend getaways or a housing option for college, there are mortgages available to suit your needs. However, it is important to note that the lending criteria for second or third homes differ from those for primary residences. While some vacation and secondary homes may only require a minimum down payment of 5% or 10%, others will require 20% or more. Different types of cottages have different requirements as well, and certain types may require a higher down payment and receive higher interest rates. The mortgage options available will also depend on whether the property is categorized as year-round accessible or seasonal. If you require funds for a down payment, options such as mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage can be considered. In Canada, there are innovative tools available to simplify the mortgage application process and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out to us.