The number of Canadians investing in vacation properties is on the rise. These properties offer a retreat for relaxation, as well as opportunities for wealth-building and quality family time. What's more, accessible mortgages with low rates are available for vacation properties, even if they are non-winterized or in remote locations. Whether you're looking for a lake cottage or a housing option for your college student, there are mortgage options to suit your needs. It's important to note that lending criteria for second or third homes differ from those for primary residences. Some vacation and secondary homes may qualify for a minimum down payment of 5% or 10%, while others may require 20% or more. Different types of cottages have varying requirements and may come with higher rates. The mortgage options available also depend on whether the property is categorized as 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. Innovative tools are also available in Canada to streamline the mortgage process and ensure accuracy. For complete information and a quick mortgage pre-approval process, reach out today.