An increasing number of Canadians are choosing to invest in vacation properties for purposes such as relaxation, wealth-building, and quality family time. These properties, including non-winterized or remote locations, can be easily financed through accessible mortgages with low rates. Whether it be a lake cottage or a college housing option, individuals can find the best mortgage to suit their specific needs. It is important to note that lending criteria for second or third homes differ from primary residences, and different down payment requirements apply. While some vacation and secondary homes may qualify for a minimum down payment of 5% or 10%, others will require 20% or more. Different types of cottages also have varying down payment requirements and interest rates. Mortgage options are dependent on the type of property, whether it is categorized as year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, HELOC (Home Equity Line of Credit), or reverse mortgage. Innovative tools are available in Canada to ensure a streamlined and accurate mortgage process. For more information and a quick mortgage pre-approval process, reach out to us.