There is a growing trend among Canadians to invest in vacation properties. These properties serve as a retreat for relaxation, a means of building wealth, and a place for family bonding. The availability of accessible mortgages at low rates has made it easier to purchase vacation properties, even in non-winterized or remote locations. Whether you are looking for a lake cottage or a housing option near a college, there are mortgage options available to suit your needs. It is important to note that different lending criteria apply to second or third homes compared to primary residences. The down payment requirements also vary depending on the type of vacation or secondary home. Some properties may qualify for a minimum down payment of 5% or 10%, while others may require 20% or more. Cottages of different types have different requirements, with certain types necessitating higher down payments and receiving higher interest rates. The mortgage options available also depend on whether the property is categorized as year-round accessible or seasonal. Down payments can be incorporated through various methods such as mortgage refinancing, HELOC, or reverse mortgage. Thankfully, Canada offers innovative tools to simplify the mortgage process and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out to us.