There has been a significant rise in the number of Canadians investing in vacation properties. These properties offer a range of benefits, including relaxation, wealth-building, and the opportunity for quality family moments. Plus, 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. 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 more. Different types of cottages also have varying down payment requirements and interest rates. Mortgage options depend on whether the property is categorized as year-round accessible or seasonal. Luckily, there are innovative tools in Canada to help streamline the mortgage process and ensure accuracy. For complete information and a quick mortgage pre-approval process, reach out to us today.