An increasing number of Canadians are choosing to invest in vacation properties for various reasons such as relaxation, wealth-building, and moments with family. These properties, including non-winterized or remote locations, are now more easily accessible through mortgages with low rates. Whether it is a lake cottage or a housing option for college, there are specific mortgages available for different purposes. However, it is important to note that lending criteria for second or third homes differ from primary residences. While some vacation and secondary homes may require a minimum down payment of 5% or 10%, others, depending on their category, may require 20% or higher. Different types of cottages also have varying requirements in terms of down payment and interest rates. Mortgage options are dependent on the categorization of the property as either year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, HELOC, or reverse mortgages. Innovative tools are available in Canada to ensure a streamlined and accurate process. For more information and a quick mortgage pre-approval process, reach out for complete details.