An increasing number of Canadians are choosing to invest in vacation properties for various reasons such as relaxation, building wealth, and creating lasting family memories. These properties, even if they are located in non-winterized or remote areas, can be financed with accessible mortgages that offer low rates. Whether you are looking for a lake cottage or a housing option for college, you can find the best mortgage that suits your specific needs. However, it's important to note that there are different lending criteria for second or third homes compared to primary residences. While some vacation and secondary homes may only require a minimum down payment of 5% or 10%, others may require 20% or more. Certain types of cottages may also have higher down payment requirements and interest rates. The mortgage options available to you will depend on whether the property is categorized as year-round accessible or seasonal. Additionally, you have the option to incorporate down payments through mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. In Canada, there are innovative tools available to make the mortgage application process streamlined and accurate. For complete information and a quick mortgage pre-approval process, reach out to us.