The number of Canadians investing in vacation properties is on the rise. These properties provide not only a relaxing retreat but also a means of building wealth and creating lasting family memories. Even non-winterized or remote locations are now accessible thanks to mortgages with low interest rates specifically designed for vacation properties. Whether you're looking for a lake cottage or a housing option for your college student, there is a mortgage option to suit your needs. However, it's important to note that different lending criteria apply to second or third homes compared to primary residences. Some vacation and secondary homes may require a down payment as low as 5% or 10%, while others may require 20% or more. The type of cottage you're interested in will also impact the down payment and interest rates. Depending on whether the property is year-round accessible or seasonal, different mortgage options are available. Additionally, down payments can be incorporated through mortgage refinancing, HELOC, or reverse mortgage. Canada offers innovative tools to streamline the mortgage process and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out today.