There is a growing trend among Canadians to invest in vacation properties, which offer relaxation, wealth-building opportunities, and quality family time. Even non-winterized or remote locations can be financed with accessible mortgages that come with low interest rates. 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 require a minimum down payment of 5% or 10%, certain categories may require 20% or more. Different types of cottages also have varying requirements, with some needing higher down payments and receiving higher interest 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 mortgages. Innovative tools in Canada make the mortgage process streamlined and accurate. For complete information and a quick mortgage pre-approval process, reach out to us.