An increasing number of Canadians are choosing to invest in vacation properties for a variety of reasons such as relaxation, building wealth, and creating family memories. These properties, even if they are non-winterized or located in remote areas, can be financed through accessible mortgages with low rates. It is possible to find the best mortgage option for different purposes, whether it is a lake cottage or a housing option for college. However, it is important to note that lending criteria for second or third homes differ from 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 higher. Different types of cottages also have varying down payment requirements and receive different interest rates. The availability of mortgage options depends on whether the property is year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, HELOC, or reverse mortgage. In Canada, there are innovative tools available to streamline processes and ensure accuracy. For complete information and a quick mortgage pre-approval process, reach out to us.