A growing number of Canadians are choosing to invest in vacation properties for a variety of reasons, such as relaxation, building wealth, and creating special family moments. Even non-winterized or remote locations can now be easily financed with accessible mortgages that offer low interest rates. Whether you're looking for a lake cottage or a housing option for college, there are mortgage options available to suit your needs. However, it's important to note that the lending criteria for second or third homes differ from those of primary residences. While some vacation and secondary homes may only require a minimum down payment of 5% or 10%, certain categories may require 20% or even higher. These properties are categorized differently and receive different treatment from lenders. Additionally, different types of cottages have different requirements, with some necessitating a higher down payment and receiving higher interest rates. Mortgage options will also depend on whether the property is classified as year-round accessible or seasonal. If you're interested in incorporating your down payment into your mortgage, options such as mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage are available. Innovative tools in Canada can help streamline the mortgage process and ensure accuracy. To get more information and start the quick mortgage pre-approval process, reach out today.