A growing number of Canadians are choosing to invest in vacation properties for various reasons such as relaxation, wealth-building, and quality family time. The good news is that there are accessible mortgages available with low interest rates, even for properties that are not winterized or located in remote areas. Whether you're looking for a lake cottage or a housing option near a college, you can find the best mortgage option to suit your needs. It's important to note that second or third homes have different lending criteria compared to 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 20% or more. Different types of cottages also have different requirements, with certain types requiring higher down payments and higher interest rates. The mortgage options available to you will depend on whether the property is categorized as year-round accessible or seasonal. Additionally, you have the option to incorporate your down payment through methods such as mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. Canada offers innovative tools to streamline the process and ensure accuracy. For complete information and a quick mortgage pre-approval process, reach out to us.