An increasing number of Canadians are choosing to invest in vacation properties, whether it be for relaxation, wealth-building, or family moments. Luckily, accessible mortgages with low rates are now available for vacation properties, even those located in non-winterized or remote areas. Finding the best mortgage for your specific purpose, whether it be a lake cottage or a college housing option, is easier than ever. It's important to note that different lending criteria apply to second or third homes compared to primary residences. A minimum down payment of 5% or 10% may be required for certain vacation and secondary homes, while others may require 20% or more. These homes are categorized differently and receive different treatment from lenders. Additionally, the type of property, whether it is categorized as year-round accessible or seasonal, will determine the available mortgage options. Down payments can be incorporated through mortgage refinancing, a Home Equity Line of Credit (HELOC), or a reverse mortgage. Take advantage of innovative tools in Canada that streamline processes and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out today.