An increasing number of Canadians are choosing to invest in vacation properties for relaxation, wealth-building, and family bonding. Accessible mortgages with low rates are available even for non-winterized or remote locations, making it easier to secure financing for various purposes such as lake cottages or college housing options. Different lending criteria apply to second or third homes compared to primary residences, with some vacation and secondary homes qualifying for a minimum 5% or 10% down payment, while others may require 20% or higher. Different types of cottages have varying requirements, with some needing higher down payments and receiving higher rates, depending on whether they are categorized as year-round accessible or seasonal. Innovative tools in Canada can streamline the mortgage process, including incorporating down payments through mortgage refinancing, HELOC, or reverse mortgages. For complete information and a quick mortgage pre-approval process, reach out to learn more.