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, even if non-winterized or located in remote areas, can be easily financed with accessible mortgages that offer low rates. Whether you are looking for a lake cottage or a housing option for college, you can find the best mortgage that suits your needs. However, it is important to note that there are different lending criteria for second or third 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 more. Different types of cottages also have different requirements, with certain types requiring a higher down payment and receiving higher rates. Mortgage options depend on whether the property is year-round accessible or seasonal, and down payments can be incorporated through mortgage refinancing, HELOC, or reverse mortgage. Take advantage of innovative tools in Canada to streamline the process and ensure accuracy. For complete information and a quick mortgage pre-approval process, reach out to us.