An increasing number of Canadians are choosing to invest in vacation properties for various reasons, such as relaxation, wealth-building, and creating family memories. These properties are now more accessible through mortgages with low rates, even for non-winterized or remote locations. Whether you are looking for a lake cottage or a housing option near a college, there are different lending criteria for second or third homes compared to primary residences. Depending on the type of vacation or secondary home, the down payment requirement can vary from 5% to 20% or higher. Different types of cottages also have specific down payment requirements and receive different treatment from lenders. Mortgage options are based on whether the property is year-round accessible or seasonal. Additionally, down payments can be incorporated through mortgage refinancing, HELOC, or reverse mortgage. Take advantage of the innovative tools available in Canada for a simplified and accurate mortgage process. For more information and a quick mortgage pre-approval process, reach out to us.