An increasing number of Canadians are choosing to invest in vacation properties for various reasons, such as relaxation, wealth-building, and family moments. These properties, including non-winterized or remote locations, can be easily financed with accessible mortgages offering low rates. Whether it is a lake cottage or a college housing option, there are different lending criteria for second or third homes compared to primary residences. While some vacation and secondary homes may require a minimum down payment of 5% or 10%, others may require 20% or higher. Different types of cottages also have different requirements, with certain types requiring higher down payments and receiving higher rates. The mortgage options available depend on whether the property is categorized as year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. Canada offers innovative tools to streamline the mortgage process and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out to us.