There is a growing trend of Canadians investing in vacation properties, whether it be for relaxation, building wealth, or creating family memories. Accessible mortgages with low rates are available for vacation properties, 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 various mortgage options to suit your needs. Different lending criteria apply to second or third homes compared to primary residences, with some vacation and secondary homes requiring a minimum down payment of 5% or 10%, while others may require 20% or more. Certain types of cottages have higher down payment requirements and receive higher rates. Mortgage options also depend on whether the property is categorized as year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, a HELOC, or a reverse mortgage. Take advantage of innovative tools in Canada to streamline the mortgage process and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out today.