The number of Canadians investing in vacation properties is on the rise. These properties offer the perfect opportunity for relaxation, building wealth, and creating lasting family memories. The good news is that there are accessible mortgages available with low rates, even for non-winterized or remote locations. Whether you're looking for a lake cottage or a college housing option, there is a mortgage option to suit your needs. However, it's important to note that different lending criteria apply to second or third homes compared to primary residences. Some vacation and secondary homes may qualify for a minimum down payment of 5% or 10%, while others may require 20% or higher. The categorization of the property also plays a role in determining the down payment and interest rates. Mortgage options will depend on whether the property is categorized as year-round accessible or seasonal. Additionally, down payments can be incorporated through various avenues such as mortgage refinancing, HELOC, or reverse mortgage. In Canada, there are innovative tools available to streamline the mortgage process and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out to us.