A growing number of Canadians are choosing to invest in vacation properties for various reasons, such as relaxation, building wealth, and creating family memories. These properties, including non-winterized or remote locations, can be financed with accessible mortgages with low rates. Whether you're looking for a lake cottage or a housing option for college, there are different lending criteria for vacation properties compared to primary residences. While some vacation and secondary homes may require a minimum down payment of 5% or 10%, certain categories of these properties will necessitate a 20% or higher down payment due to their different categorizations and treatment from lenders. The requirements for different types of cottages also vary, with some types requiring a higher down payment and receiving higher rates. Mortgage options are dependent on whether the property is year-round accessible or seasonal. It is possible to incorporate down payments through mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. In Canada, there are innovative tools available to facilitate streamlined processes and ensure accuracy. For more information and a quick mortgage pre-approval process, feel free to reach out.