There is a growing trend among Canadians to invest in vacation properties, which can provide relaxation, wealth-building opportunities, and quality time with family. Mortgage options for these vacation properties are readily available, even for non-winterized or remote locations, with low interest rates. Whether it be a lake cottage or a housing option for college, there are different lending criteria for second or third homes compared to primary residences. Down payment requirements vary depending on the type of vacation or secondary home, with some qualifying for a minimum of 5% or 10% down payment, while others require 20% or more. Different types of cottages also have different down payment requirements and mortgage rates. The availability of mortgage options depends on whether the property is year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, HELOC, or 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.