The number of Canadians investing in vacation properties is on the rise. These properties offer a chance to relax, build wealth, and create lasting family memories. Additionally, mortgages with low rates are available for vacation properties, including those in non-winterized or remote locations. Whether you're looking for a lake cottage or a housing option for college, there are various mortgage options to suit your needs. However, it's important to understand that different lending criteria apply to 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 need 20% or more. The categorization and treatment of these homes also differ amongst lenders. The requirements and rates for different types of cottages also vary, with certain types requiring higher down payments. Ultimately, mortgage options depend on the type of property, whether it is accessible year-round or seasonal. If you're looking to incorporate down payments, there are various options available, such as mortgage refinancing, HELOC, or reverse mortgages. In Canada, there are also innovative tools that streamline processes and ensure accuracy. For complete information and a quick mortgage pre-approval process, reach out to us.