There is a growing trend among Canadians to invest in vacation properties. These properties serve as a getaway home for relaxation, building wealth, and creating family memories. The good news is that there are accessible mortgages available with low rates for vacation homes, even those that are non-winterized or located in remote areas. Whether you are looking for a lake cottage or a housing option for your college student, there are mortgage options to suit your needs. It is important to note that different lending criteria apply to second or third homes compared to primary residences. While some vacation and secondary homes may qualify for a minimum down payment of 5% or 10%, others may require a 20% down payment or higher. This is because these properties are categorized differently and receive different treatment from lenders. Additionally, certain types of cottages may require a higher down payment and receive higher interest rates. The mortgage options available depend on the type of property, whether it is categorized as year-round accessible or seasonal. If you need help with down payments, there are options to incorporate them through mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. Canada offers innovative tools to streamline the mortgage process and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out to us.