The number of Canadians investing in vacation properties is on the rise. These properties offer opportunities for relaxation, wealth-building, and family moments. Even non-winterized or remote locations can be financed with accessible mortgages that have low rates. Whether you're looking for a lake cottage or a housing option near a college, there are mortgage options available to suit your needs. However, lending criteria for second or third homes are different from primary residences. Some vacation and secondary homes may qualify for a minimum 5% or 10% down payment, while others may require 20% or higher. Different types of cottages also have varying requirements, with certain types requiring higher down payments and receiving higher rates. The mortgage options available depend on whether the property is year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. Innovative tools in Canada make the mortgage process streamlined and accurate. For complete information and a quick mortgage pre-approval process, reach out today.