The number of Canadians purchasing vacation properties is on the rise. These properties are seen as a great investment for relaxation, wealth-building, and creating cherished family moments. What's more, even non-winterized or remote vacation properties are becoming more accessible, thanks to mortgages with low rates. Whether you're looking for a lake cottage or a housing option near a college, there are various mortgage options available to suit your needs. However, it is important to note that different lending criteria apply to second or third homes compared to primary residences. Some vacation and secondary homes may require a minimum down payment of 5% or 10%, while others will require 20% or higher, depending on their category. Different types of cottages also have different requirements, with certain types requiring a higher down payment and receiving higher rates. The options for mortgages also depend on whether the property is categorized as year-round accessible or seasonal. To ease the financial burden, down payments can be incorporated through mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. Thankfully, in Canada there are innovative tools available that streamline the mortgage process and ensure accuracy. For complete information and a quick mortgage pre-approval process, reach out to the appropriate resources.