More and more Canadians are choosing to invest in vacation properties, whether it be for relaxation, wealth-building, or cherished family moments. What’s great is that there are accessible mortgages available with low rates specifically for vacation properties, even those that aren’t winterized or located in remote areas. Finding the best mortgage for your specific needs, whether it’s a cozy lake cottage or a housing option for college, is now easier than ever. It’s important to note that different lending criteria apply to second or third homes compared to primary residences, and the down payment requirements vary as well. Depending on the type of vacation or secondary home, the down payment can be as low as 5% or 10%, while others may require 20% or more. Additionally, there are specific requirements and rates for different types of cottages, depending on their category. Mortgage options are also dependent on whether the property is year-round accessible or seasonal. If needed, down payments can be incorporated through options like mortgage refinancing, HELOC, or reverse mortgage. With the help of innovative tools available in Canada, the mortgage process can be streamlined and accurate. For more information and a quick mortgage pre-approval process, do not hesitate to reach out.