There is a growing trend among Canadians to invest in vacation properties for various reasons such as relaxation, wealth-building, and creating memorable family moments. The good news is that accessible mortgages with low rates are available even for non-winterized or remote vacation properties. Whether you are interested in a lake cottage or a housing option for your college-going child, you can find the best mortgage that suits your needs. It is important to note that lending criteria for second or third homes differ from primary residences. While some vacation and secondary homes may only require a minimum down payment of 5% or 10%, others may require 20% or more, depending on their categorization and treatment by lenders. Additionally, different types of cottages have different requirements, with certain types requiring higher down payments and receiving higher rates. The mortgage options available also depend on whether the property is categorized as year-round accessible or seasonal. To facilitate down payments, options such as mortgage refinancing, HELOC, or reverse mortgage can be incorporated. Canadian residents can take advantage of innovative tools that streamline the mortgage process and ensure accuracy. For complete information and a quick mortgage pre-approval process, reach out to us.