More and more Canadians are choosing to invest in vacation properties, whether it be for relaxation, building wealth, or creating lasting family memories. With accessible mortgages offering low rates, even for non-winterized or remote locations, finding the perfect mortgage for various purposes like a lake cottage or a college housing option has never been easier. However, it is important to note that different lending criteria apply to second or third homes compared to primary residences. While some vacation and secondary homes can qualify for a minimum down payment of 5% or 10%, certain categories of vacation and secondary homes may require a down payment of 20% or higher. The type of cottage also plays a role in the mortgage options available, as different requirements exist for year-round accessible versus seasonal properties. Luckily, there are innovative tools available in Canada to streamline the mortgage process and ensure accuracy. For complete information and a quick mortgage pre-approval process, reach out to us today.