A growing number of Canadians are choosing to invest in vacation properties, whether for relaxation, wealth-building, or family moments. Fortunately, there are accessible mortgages available with low rates, even for properties that are not winterized or located in remote areas. These mortgages can be tailored to suit various purposes such as lake cottages or housing options for college students. It is important to note that different lending criteria apply to second or third homes compared to primary residences. While some vacation and secondary homes may require a minimum down payment of 5% or 10%, others, depending on their categorization, may require 20% or more. Different types of cottages also have varying requirements, with certain types necessitating higher down payments and receiving higher interest rates. Mortgage options are contingent on whether the property is classified as year-round accessible or seasonal. Additionally, down payments can be incorporated through mortgage refinancing, a Home Equity Line of Credit (HELOC), or even a reverse mortgage. Canadians can take advantage of innovative tools available in the country to simplify and ensure accuracy in the mortgage process. For more information and a speedy mortgage pre-approval process, reach out to us.