More and more Canadians are choosing to invest in vacation properties, whether for relaxation, wealth-building, or family bonding. Accessible mortgages with attractive low rates are available for various types of vacation properties, including non-winterized or remote locations such as lake cottages or college housing options. Different lending criteria apply to second or third homes compared to primary residences, with minimum down payment requirements ranging from 5% to 20% or higher depending on the category of the property. Different types of cottages may also have varying down payment requirements and interest rates based on their classification as year-round accessible or seasonal. Various mortgage options, including refinancing, HELOC or reverse mortgage, can be used to incorporate down payments for vacation properties. Take advantage of innovative tools in Canada to simplify the mortgage application process and ensure accuracy. For more information and a quick mortgage pre-approval, reach out today.