An increasing number of Canadians are choosing to invest in vacation properties for various reasons such as relaxation, wealth-building, and creating family moments. These properties, even if they are non-winterized or in remote locations, are now more easily accessible through mortgages with low interest rates. Whether it's a lake cottage or a housing option for college, there are different lending criteria for second or third homes compared to primary residences. Depending on the type of vacation or secondary home, the down payment required can range from a minimum of 5% or 10% to 20% or higher. Different types of cottages also have specific down payment requirements and receive different rates. The availability of mortgage options depends on the classification of the property as either year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, a Home Equity Line of Credit (HELOC), or a reverse mortgage. Take advantage of innovative tools in Canada to simplify the mortgage process and ensure accuracy. For complete information and a quick mortgage pre-approval process, reach out today.