An increasing number of Canadians are choosing to invest in vacation properties for a variety of reasons, including relaxation, wealth-building, and quality time with family. Fortunately, obtaining a mortgage for these properties is now more accessible, even for non-winterized or remote locations, with low interest rates. 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, down payment requirements can range from a minimum of 5% or 10%, to 20% or more. Different types of cottages also have varying down payment requirements and interest rates. 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 home equity line of credit (HELOC), or a reverse mortgage. To find out more and begin the quick mortgage pre-approval process, reach out for complete information and access innovative tools available in Canada for a streamlined and accurate experience.