An increasing number of Canadians are investing in vacation properties, seeking relaxation, wealth-building opportunities, and quality family time. Accessible mortgage options with low rates are available for properties situated in both winterized and remote locations. Whether you're considering a lake cottage or a housing option for college, finding the right mortgage to suit your needs is possible. However, it's important to note that lending criteria for second or third homes may differ from those for primary residences. While some vacation and secondary homes may require a minimum down payment of 5% or 10%, others may require 20% or more. Various categories of vacation and secondary homes also receive different treatment from lenders. Certain types of cottages may necessitate a higher down payment and may be subject to higher rates. The mortgage options available depend on whether the property is categorized as year-round accessible or seasonal. Additionally, down payments can be incorporated through mortgage refinancing, a home equity line of credit (HELOC), or reverse mortgage. To learn more about these options and access efficient tools for a streamlined and accurate process, reach out for complete information and a quick mortgage pre-approval.