The number of Canadians investing in vacation properties is on the rise. These properties offer opportunities for relaxation, building wealth, and creating lasting family memories. What's more, mortgages with low rates are now easily accessible for vacation homes, even those that are not winterized or located in remote areas. Whether you're looking for a lake cottage or a housing option for college, you can find the best mortgage to suit your needs. However, it's important to note that different lending criteria apply to vacation and secondary homes compared to primary residences. While certain types of vacation homes may require a minimum down payment of 5% or 10%, others may require 20% or higher. Additionally, different types of cottages have different requirements and may receive higher rates. The availability of mortgage options will depend on whether the property is year-round accessible or seasonal. If you're in need of funds for a down payment, you can consider options such as mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. In Canada, there are innovative tools available to streamline the mortgage process and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out to us.