An increasing number of Canadians are diversifying their investments by purchasing vacation properties. These properties offer not only a place for relaxation and family bonding, but also an opportunity for wealth-building. The good news is that mortgages with low interest rates are now accessible even for vacation properties that are non-winterized or located in remote areas. Whether you are looking for a lake cottage or a housing option near a college, there are various mortgage options available to suit your needs. However, it's important to note that lending criteria for second or third homes differ from those for primary residences. While some secondary homes may qualify for a down payment as low as 5% or 10%, others may require a minimum of 20% or higher. Different types of cottages also have different requirements and rates. To streamline the mortgage process, innovative tools are available in Canada, making it easier to incorporate down payments through mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. For complete information and a quick mortgage pre-approval process, reach out to our team.