An increasing number of Canadians are investing in vacation properties for various reasons, such as relaxation, wealth-building, and family moments. Even non-winterized or remote vacation properties can be financed with accessible mortgages that offer low rates. Whether you are looking for a lake cottage or a housing option near a college, you can find the best mortgage to suit your needs. However, it's important to note that lending criteria for second or third homes are different from primary residences. Some vacation and secondary homes may require a minimum down payment of 5% or 10%, while others may require 20% or higher. These properties are categorized differently and are treated differently by lenders. Different types of cottages also have different requirements, with some requiring a higher down payment and receiving higher rates. Mortgage options also depend on whether the property is classified as year-round accessible or seasonal. If you need help with down payments, options such as mortgage refinancing, HELOC, or reverse mortgage can be incorporated. In Canada, there are innovative tools available to streamline processes and ensure accuracy. For complete information and a quick mortgage pre-approval process, reach out to us.