An increasing number of Canadians are opting to invest in vacation properties for various reasons such as relaxation, wealth-building, and creating memorable family moments. These vacation properties, including non-winterized or remote locations, can be easily financed through accessible mortgages with low rates. Whether you are looking for a lake cottage or a college housing option, there are options available for the best mortgage that suits your needs. However, it is important to note that lending criteria for second or third homes differ from primary residences. While some vacation and secondary homes may qualify for a minimum down payment of 5% or 10%, others, depending on their category, may require a 20% or higher down payment. Different types of cottages also have varying down payment requirements and interest rates. Mortgage options are dependent on the property type, classified as either year-round accessible or seasonal. Additionally, down payments can be incorporated through methods such as mortgage refinancing, a HELOC (Home Equity Line of Credit), or a reverse mortgage. Take advantage of innovative tools available in Canada to streamline the mortgage process and ensure accuracy. For complete information and a quick mortgage pre-approval process, reach out to us.