A growing number of Canadians are choosing to invest in vacation properties for reasons such as relaxation, wealth-building, and creating lasting family memories. Canadians can benefit from accessible mortgages with low rates, even for non-winterized or remote locations, and find the best mortgage options for various purposes such as lake cottages or college housing. Different lending criteria apply to second or third homes compared to primary residences, with some vacation and secondary homes qualifying for lower down payments while others may require 20% or more. Different types of cottages have varying down payment requirements and rates based on their categorization as year-round accessible or seasonal properties. Homeowners can utilize mortgage refinancing, HELOCs, or reverse mortgages to incorporate down payments and access innovative tools in Canada for a more efficient and accurate mortgage process. For more information and a quick mortgage pre-approval process, reach out to learn more about your options.