An increasing number of Canadians are choosing to invest in vacation properties for various reasons such as relaxation, wealth-building, and creating memorable family moments. Fortunately, there are accessible mortgage options available with low rates, even for non-winterized or remote locations. Whether you are looking for a lake cottage or a housing option near a college, there are different lending criteria for second or third homes compared to primary residences. While some vacation and secondary homes may qualify for a minimum down payment of 5% or 10%, others may require 20% or more depending on their categorization and treatment by lenders. Different types of cottages also have varying requirements, with some needing higher down payments and receiving higher rates. The mortgage options available depend on whether the property is year-round accessible or seasonal. Additionally, down payments can be incorporated through mortgage refinancing, a Home Equity Line of Credit (HELOC), or a reverse mortgage. Take advantage of innovative tools in Canada to streamline the mortgage application process and ensure accuracy. For complete information and a quick mortgage pre-approval, reach out to us.