The number of Canadians investing in vacation properties is on the rise. People are purchasing these properties for various reasons including relaxation, wealth-building, and family moments. The good news is that there are accessible mortgages available for vacation properties, even if they are located in non-winterized or remote areas. Whether you are looking for a lake cottage or a college housing option, you can find the best mortgage for your needs. It's important to note that the lending criteria for second or third homes differ from primary residences. Depending on the category of vacation or secondary home, the 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 available mortgage options depend on whether the property is classified as year-round accessible or seasonal. You can use methods such as mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage to incorporate down payments. Innovative tools are available in Canada to streamline the mortgage process and ensure accuracy. For complete information and a quick mortgage pre-approval process, reach out to us.