The number of Canadians investing in vacation properties is on the rise. These properties offer a variety of benefits including relaxation, the potential for wealth-building, and the opportunity for quality family moments. Mortgage options are available at low rates, even for properties that are not winterized or in remote locations. Different lending criteria apply to second or third homes compared to primary residences. Some vacation and secondary homes may require a minimum down payment of 5% or 10%, while others may require 20% or higher. The type of cottage and its accessibility throughout the year will determine the specific requirements and rates. Down payments can be incorporated through various methods such as mortgage refinancing, a Home Equity Line of Credit (HELOC), or a reverse mortgage. Canada offers innovative tools to help streamline the mortgage process and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out today.