The number of Canadians investing in vacation properties is increasing. These properties offer the opportunity for relaxation, wealth-building, and precious family moments. Even non-winterized or remote locations can be financed with accessible mortgages that have low rates. Whether you're looking for a lake cottage or a housing option for college, there are diverse mortgage options available. It's important to note that the lending criteria for second or third homes is different from primary residences. Some vacation and secondary homes may qualify for a down payment as low as 5% or 10%, while others may require 20% or more. Different types of cottages also have varying down payment requirements and interest rates. The mortgage options depend on whether the property is classified as year-round accessible or seasonal. Down payments can be incorporated using methods such as mortgage refinancing, HELOC, or reverse mortgage. Canada offers innovative tools for a streamlined and accurate mortgage process. For complete information and a quick mortgage pre-approval process, reach out to us.