More and more Canadians are choosing to invest in vacation properties to enjoy relaxation, wealth-building opportunities, and quality time with their families. These properties are now more accessible thanks to mortgages with low rates, even if they are non-winterized or located in remote areas. Different lending criteria apply to second or third homes compared to primary residences, and the down payment required can vary depending on the type of vacation or secondary home. Certain categories of these homes may qualify for a minimum down payment of 5% or 10%, while others will require 20% or more. Different requirements and rates also apply to various types of cottages, which can be categorized as either year-round accessible or seasonal. It is possible to incorporate down payments through mortgage refinancing, a HELOC, or a reverse mortgage. In Canada, there are innovative tools available to streamline the mortgage process and ensure accuracy. For complete information and a quick mortgage pre-approval process, reach out for assistance.