The number of Canadians investing in vacation properties is on the rise. These properties offer a variety of benefits, including relaxation, opportunities for wealth-building, and the chance to create lasting family memories. Even non-winterized or remote vacation properties can now be financed with accessible mortgages that offer low interest rates. Whether you're looking for a lake cottage or a housing option near a college, there are mortgage options available to suit your needs. However, it's important to note that the lending criteria for second or third homes differ from those for primary residences. Depending on the category of the vacation or secondary home, the required down payment can range from 5% or 10% to 20% or higher. Different types of cottages also have varying requirements and may require higher down payments or receive higher interest rates. The availability of mortgage options will depend on whether the property is categorized as year-round accessible or seasonal. To incorporate down payments into your mortgage, you can consider refinancing, a Home Equity Line of Credit (HELOC), or a reverse mortgage. Canada offers innovative tools that streamline the mortgage process and ensure accuracy. For complete information and a quick pre-approval process, reach out to learn more.