The number of Canadians investing in vacation properties has been increasing. These properties offer a perfect getaway for relaxation, as well as opportunities for wealth-building and quality family moments. Even non-winterized or remote locations can be financed through accessible mortgages with low rates. Whether you are looking for a lake cottage or a housing option near a college, there are different mortgage options available. However, lending criteria for second or third homes differ from primary residences. While some vacation and secondary homes may qualify for a minimum down payment of 5% or 10%, others may require 20% or more. Different types of cottages also have varying requirements and rates. It is important to consider the property type, categorized as year-round accessible or seasonal, when selecting mortgage options. Down payments can be incorporated through mortgage refinancing, HELOC, or reverse mortgage. Canada offers innovative tools for streamlined processes and accuracy. For more information and a quick mortgage pre-approval process, reach out to us.