An increasing number of Canadians are deciding to invest in vacation properties, as they offer relaxation, wealth-building opportunities, and special moments for families. Fortunately, there are accessible mortgages available for these properties, even if they are non-winterized or located in remote areas. Whether you are looking for a lake cottage or a housing option near a college, there are mortgage options tailored to your needs. However, it's important to note that lending criteria for second or third homes differ from primary residences. While some vacation and secondary homes may only require a minimum down payment of 5% or 10%, others, depending on their category, may require a higher down payment of 20% or more. Different types of cottages also have varying requirements, with certain types necessitating higher down payments and receiving higher rates. The availability of mortgage options will depend on the property type, whether it is categorized as year-round accessible or seasonal. Additionally, downs payments can be incorporated through various methods, such as mortgage refinancing, HELOC, or reverse mortgage. To make the process easier, Canada offers innovative tools for a streamlined and accurate mortgage application process. For more information and a quick mortgage pre-approval process, reach out to our team.