An increasing number of Canadians are choosing to invest in vacation properties for a variety of reasons including relaxation, wealth-building, and family moments. These properties are becoming more accessible due to mortgages with low rates, even in non-winterized or remote locations. It is possible to find the best mortgage for specific purposes such as a lake cottage or a college housing option. However, it is important to note that different lending criteria apply to 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, depending on their category, may require a down payment of 20% or higher. Different types of cottages also have varying requirements, with certain types necessitating a higher down payment 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 into the mortgage through methods such as refinancing, a HELOC, or a reverse mortgage. Fortunately, there are innovative tools available in Canada that can streamline the mortgage process and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out today.