An increasing number of Canadians are choosing to invest in vacation properties as a way to relax, build wealth, and create lasting family memories. These properties, including non-winterized or remote locations, are now more accessible through mortgages with low interest rates. Whether you are looking for a lake cottage or a housing option for college, there are mortgage options available to suit various purposes. However, it is important to note that lending criteria for second or third homes differ from primary residences. Some vacation and secondary homes may only require a minimum down payment of 5% or 10%, while others may require 20% or more. Different types of cottages also have different requirements, with some needing higher down payments and receiving higher interest rates. Mortgage options also vary depending on whether the property is year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, a Home Equity Line of Credit (HELOC), or a reverse mortgage. To learn more and begin the quick mortgage pre-approval process, reach out for complete information and access to innovative tools available in Canada.