A growing number of Canadians are choosing to invest in vacation properties, whether it be for relaxation, building wealth, or creating lasting family memories. These individuals have access to mortgages with low interest rates, making it easier to purchase properties in non-winterized or remote locations. Whether you're looking for a lake cottage or housing option for your college student, there are various mortgage options available to suit your needs. It's important to note that the lending criteria for second or third homes differ from primary residences. While some vacation or secondary homes may require a minimum down payment of 5% or 10%, others will necessitate 20% or higher. The type of property also plays a role in determining the down payment and interest rates. Year-round accessible properties have different mortgage options compared to seasonal properties. Incorporating down payments can be done through mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. Canadians also have access to innovative tools that streamline the mortgage process and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out today.