More and more Canadians are choosing to invest in vacation properties for various reasons such as relaxation, wealth-building, and creating lasting family memories. These properties can be easily financed with accessible mortgages that offer low rates, even for non-winterized or remote locations. Whether you're looking for a lake cottage or a housing option near a college, there are different mortgage options available to suit your needs. However, it's important to note that lending criteria for second or third homes differ from those for primary residences. While some vacation and secondary homes may qualify for a minimum down payment of 5% or 10%, others may require a higher down payment of 20% or more due to their categorization and treatment by lenders. Additionally, different types of cottages may have varying down payment requirements and interest rates. Mortgage options also depend on whether the property is categorized as year-round accessible or seasonal. If you're looking to incorporate down payments into your financing, you can explore options such as mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. Canada offers innovative tools to streamline the mortgage process and ensure accuracy. For complete information and a quick mortgage pre-approval process, reach out to us.