More and more Canadians are choosing to invest in vacation properties, whether for relaxation, wealth-building, or family moments. These properties, even if they are non-winterized or in remote locations, can be financed through accessible mortgages with low rates. Whether you are looking for a lake cottage or a housing option for your college student, there are different lending criteria for second or third homes compared to primary residences. The down payment requirements also vary, with some vacation and secondary homes qualifying for as low as 5% or 10%, while others require 20% or more. Different types of cottages have different requirements and rates, depending on whether they are categorized as year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, HELOC, or reverse mortgage. With innovative tools available in Canada, the mortgage process is streamlined and accurate. For complete information and a quick mortgage pre-approval process, reach out to us.