A growing number of Canadians are purchasing vacation properties for various reasons including relaxation, wealth-building, and quality time with family. These properties are becoming more accessible as mortgage options with low rates are now available, even for non-winterized or remote locations. Whether it's a lake cottage or a housing option for college, there are specific mortgages tailored to each purpose. Different lending criteria apply to second or third homes compared to primary residences, and the down payment requirements vary depending on the type of vacation or secondary home. Some properties may qualify for a minimum down payment of 5% or 10%, while others may require 20% or more. Different types of cottages also have specific requirements and may receive higher interest rates. However, innovative tools in Canada can help simplify the mortgage process and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out today.