The number of Canadians investing in vacation properties is on the rise. These properties offer opportunities for relaxation, wealth-building, and quality family time. Mortgages for vacation properties are readily available at low interest rates, even for non-winterized or remote locations. Whether you're looking for a lake cottage or a housing option near a college campus, there are various mortgage options to suit your needs. However, it's important to note that different lending criteria apply to second or third homes compared to primary residences. While some vacation and secondary homes may qualify for a down payment as low as 5% or 10%, others may require a higher down payment of 20% or more. Different types of cottages also have varying requirements, with certain types requiring higher down payments and receiving higher interest rates. The mortgage options available depend on the property's classification as either year-round accessible or seasonal. Down payments can be incorporated through options like mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. Fortunately, Canada offers innovative tools that streamline the mortgage process and ensure accuracy. For complete information and a quick pre-approval process, reach out today.