There has been a significant increase in the number of Canadians investing in vacation properties. These properties offer benefits such as relaxation, wealth-building, and quality family moments. Even vacation properties in non-winterized or remote locations can be easily financed through accessible mortgages with low rates. Whether you are looking for a lake cottage or a college housing option, there are various mortgage options available to suit your needs. However, it is important to note that lending criteria for second or third homes differ from primary residences. While some vacation and secondary homes may qualify for a minimum down payment of 5% or 10%, others may require 20% or more. The treatment from lenders also varies based on the categorization of the property. For different types of cottages, such as year-round accessible or seasonal, different requirements and rates may apply. Down payments can be incorporated through options like mortgage refinancing, HELOC, or reverse mortgage. To make the mortgage process more convenient, innovative tools are available for streamlined processes and accuracy. For complete information and a quick mortgage pre-approval process, reach out to us.