An increasing number of Canadians are opting to invest in vacation properties. These properties offer the perfect opportunity for relaxation, building wealth, and creating lasting family moments. Even non-winterized or remote locations can be financed with accessible mortgages that have low rates. Whether you're looking for a lake cottage or a housing option for your college-bound child, there are mortgage options available to suit your needs. It's important to note that lending criteria for second or third homes differ from those for primary residences. Some vacation and secondary homes may require a down payment of at least 5% or 10%, while others may require 20% or more. Different types of cottages also have varying requirements, with some necessitating higher down payments and receiving higher interest rates. The available mortgage options depend on whether the property is categorized as year-round accessible or seasonal. Additionally, down payments can be incorporated through mortgage refinancing, a HELOC, or a reverse mortgage. Canada offers innovative tools to streamline the mortgage process and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out to us.