An increasing number of Canadians are choosing to invest in vacation properties for various reasons such as relaxation, wealth-building, and creating family memories. Thankfully, there are accessible mortgage options available with low interest rates, even for properties that are not winterized or located in remote areas. Whether you are looking for a lake cottage or a housing option near a college, you can find the best mortgage for your needs. It's important to note that different lending criteria is applied to second or third homes compared to primary residences. While some vacation and secondary homes may qualify for a down payment as low as 5% or 10%, others may require a higher down payment of 20% or more depending on their categorization and treatment by lenders. Additionally, different types of cottages have different requirements, with certain types requiring a higher down payment and higher interest rates. The availability of mortgage options depends on whether the property is categorized as year-round accessible or seasonal. However, down payments can be incorporated through mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. Take advantage of innovative tools in Canada that can streamline the mortgage process and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out to us.