An increasing number of Canadians are choosing to invest in vacation properties for relaxation, wealth-building, and family enjoyment, with accessible mortgages featuring low rates available even for non-winterized or remote locations such as lake cottages or college housing options. Different lending criteria apply to second or third homes compared to primary residences, with some properties qualifying for a minimum 5% or 10% down payment while others may require 20% or higher. Cottages are categorized differently and receive varying treatment from lenders, depending on whether they are year-round accessible or seasonal. Options for incorporating down payments include mortgage refinancing, HELOCs, or reverse mortgages, with innovative tools available in Canada for a streamlined and accurate process. For more information and a quick mortgage pre-approval process, reach out today.