The number of Canadians investing in vacation properties is on the rise. These properties offer not only a place for relaxation, but also opportunities for wealth-building and creating lasting family moments. Accessible mortgages with low rates are available for vacation properties, including those in non-winterized or remote locations. Whether it's a lake cottage or a college housing option, there are mortgage options to suit various purposes. However, it's important to note that lending criteria for second or third homes differ from primary residences. Some vacation and secondary homes may qualify for a minimum down payment of 5% or 10%, while others may require 20% or higher. Different types of cottages also have varying down payment requirements and rates. Mortgage options depend on the property type, categorized as year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. In Canada, there are innovative tools available to simplify the mortgage processes and ensure accuracy. For complete information and a quick mortgage pre-approval process, feel free to reach out.