An increasing number of Canadians are choosing to invest in vacation properties for various reasons such as relaxation, wealth-building, and family moments. These properties are now more accessible with mortgages that offer low rates, even for non-winterized or remote locations. Whether you're looking for a lake cottage or a housing option for college, there are different lending criteria for secondary homes compared to primary residences. While some vacation and secondary homes may require a minimum down payment of 5% or 10%, others may require 20% or higher. Additionally, different types of cottages have varying requirements and rates. The availability of mortgage options depends on the property type, classified as either year-round accessible or seasonal. Down payments can be incorporated through options like mortgage refinancing, HELOC, or reverse mortgage. With innovative tools available in Canada, the mortgage process has become streamlined and accurate. For complete information and a quick mortgage pre-approval process, reach out to us.