The number of Canadians investing in vacation properties is on the rise. These properties offer a range of benefits, including relaxation, wealth-building, and quality family time. Even non-winterized or remote locations are now more accessible with the availability of low-rate mortgages specifically designed for vacation properties. Whether you are looking for a lake cottage or a housing option near a college, there are mortgage options tailored to your needs. However, it's important to note that lending criteria for second or third homes differ from those for primary residences. While some vacation and secondary homes may require a minimum down payment of 5% or 10%, others may require 20% or more due to their categorization. The requirements and rates also vary depending on the type of cottage, whether it is year-round accessible or seasonal. Flexibility in incorporating down payments is possible through mortgage refinancing, HELOC, or reverse mortgage. In Canada, there are innovative tools available to streamline the mortgage process and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out to us.