The number of Canadians investing in vacation properties is on the rise. People are choosing to invest in these properties for various reasons, such as relaxation, building wealth, and creating special family moments. Even properties that are non-winterized or in remote locations can be financed through accessible mortgages with low rates. Whether it's a lake cottage or a college housing option, there are options to find the best mortgage for different purposes. However, it's important to note that lending criteria for second or third homes are different from primary residences. For some vacation and secondary homes, a minimum down payment of 5% or 10% is required, while others may require 20% or more. Different types of cottages also have different requirements for down payments and interest rates. The availability of mortgage options depends on whether the property is categorized as 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 are available to streamline the mortgage process and ensure accuracy. For complete information and a quick mortgage pre-approval process, reach out for assistance.