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 easily affordable thanks to accessible mortgages with low rates, even for non-winterized or remote locations. Whether it's a lake cottage or a housing option for college, finding the best mortgage is important. It should be noted that different lending criteria apply to second or third homes compared to primary residences. While some vacation and secondary homes can qualify for a down payment as low as 5% or 10%, others may require 20% or higher. These properties are categorized differently and receive different treatment from lenders, with certain types of cottages requiring a higher down payment and receiving higher rates. Mortgage options also depend on the property type, categorized as either year-round accessible or seasonal. Down payments can be incorporated through various methods such as mortgage refinancing, HELOC, or reverse mortgage. To learn more and begin the quick mortgage pre-approval process, reach out for complete information and access to innovative tools that streamline processes and ensure accuracy.