The number of Canadians investing in vacation properties is on the rise. These properties provide opportunities for relaxation, building wealth, and creating family memories. Even non-winterized or remote locations can be financed with accessible mortgages offering low rates. Whether you are looking for a lake cottage or a housing option near a college, there are mortgage options available to suit your needs. However, it is important to note that different lending criteria apply to second or third homes compared to primary residences. The down payment requirements vary depending on the type of vacation or secondary home, with some requiring a minimum of 5% or 10% while others may require 20% or more. Different types of cottages also have specific requirements that must be met. Mortgage options are based on the property type, categorized as either year-round accessible or seasonal. Down payments can be incorporated through various methods such as mortgage refinancing, a HELOC, or a reverse mortgage. Thankfully, innovative tools are available in Canada to ensure a streamlined and accurate process. For complete information and a quick mortgage pre-approval, reach out to us.