An increasing number of Canadians are choosing to invest in vacation properties for relaxation, wealth-building, and quality family time. These properties, including non-winterized or remote locations, can be easily accessed through mortgages with low rates. Whether it's a lake cottage or a college housing option, there are various mortgage options available to suit different purposes. However, it's important to note that lending criteria for second or third homes differ from primary residences. While some vacation and secondary homes may only require a minimum down payment of 5% or 10%, others, depending on their category, may require a higher down payment of 20% or more. Different types of cottages also have different requirements, with certain types requiring a higher down payment and receiving higher rates. Mortgage options vary depending on whether the property is classified as year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, Home Equity Line of Credit (HELOC), or reverse mortgage. Thankfully, innovative tools are available in Canada to facilitate streamlined processes and ensure accuracy. For detailed information and a swift mortgage pre-approval process, reach out to us.