An increasing number of Canadians are choosing to invest in vacation properties for various reasons such as relaxation, wealth-building, and creating unforgettable family moments. These properties, including non-winterized or remote locations, are now more easily accessible through mortgages with low interest rates. Whether you are looking for a lake cottage or a housing option for college, there are different mortgage options available with specific lending criteria compared to primary residences. Down payments for vacation and secondary homes can range from a minimum of 5% or 10% to 20% or more, depending on the categorized type of property. Requirements also differ for different types of cottages, and mortgage options are based on whether the property is year-round accessible or seasonal. Additionally, various methods like mortgage refinancing, HELOC, or reverse mortgage can be used to incorporate down payments. Take advantage of innovative tools in Canada to ensure a streamlined and accurate mortgage process, and contact us for complete information and a quick mortgage pre-approval process.