The number of Canadians investing in vacation properties is on the rise. These properties offer the opportunity for relaxation, wealth-building, and cherished family moments. Even non-winterized or remote locations now have accessible mortgages with low rates. Whether you're looking for a lake cottage or a college housing option, there are mortgages available to suit various purposes. However, it's important to note that different lending criteria apply to secondary homes compared to primary residences. Some vacation and secondary homes may qualify for a minimum down payment of 5% or 10%, while others may require 20% or more. Different types of cottages also have different requirements, with certain types requiring a higher down payment and receiving higher rates. The mortgage options available depend on whether the property is year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, HELOC, or reverse mortgage. Canada offers innovative tools to streamline the mortgage process and ensure accuracy. For complete information and a quick mortgage pre-approval process, reach out to us.