More and more Canadians are choosing to invest in vacation properties, whether for relaxation, building wealth, or creating cherished family moments. Accessible mortgages with low rates are available for a variety of vacation properties, including non-winterized or remote locations, such as lake cottages or college housing options. Different lending criteria apply to second or third homes compared to primary residences, with some vacation homes requiring a minimum down payment of 5% or 10%, while others may need 20% or more. Different types of cottages also have varying down payment requirements and receive different treatment from lenders based on their classification as year-round accessible or seasonal properties. Numerous options, such as mortgage refinancing, HELOC, or reverse mortgage, can be used to incorporate down payments, and innovative tools are available in Canada to streamline the process and ensure accuracy. For complete information and a quick mortgage pre-approval, contact us today.