The number of Canadians investing in vacation properties is on the rise. These properties offer a relaxing getaway, the potential for wealth-building, and quality family moments. Even non-winterized or remote locations can be financed with accessible mortgages featuring low rates. Whether you're looking for a lake cottage or a college housing option, there are mortgage options available. However, it's important to note that different lending criteria apply to second or third homes compared to primary residences. The down payment requirements also vary, with some vacation and secondary homes qualifying for as little as 5% or 10% down, while others require 20% or more. Different types of cottages have their own specific requirements and may receive different treatment from lenders. The mortgage options available will depend on whether the property is categorized as year-round accessible or seasonal. Down payments can be incorporated through various methods such as mortgage refinancing, HELOC, or reverse mortgage. Canada offers innovative tools to streamline the mortgage process and ensure accuracy. For complete information and a quick mortgage pre-approval process, reach out today.