An increasing number of Canadians are choosing to invest in vacation properties to enjoy relaxation, create wealth, and cherish family moments. With accessible mortgages offering low rates, even non-winterized or remote locations can be transformed into dream vacation homes. Whether it's a lake cottage or a housing option near a college, finding the best mortgage is crucial. It's important to note that lending criteria for second or third homes differ from primary residences. While some vacation and secondary homes may require a minimum down payment of 5% or 10%, others might require 20% or more. Categorization and treatment by lenders vary based on the type of property. Certain types of cottages necessitate a higher down payment and come with higher rates. Mortgage options also depend on whether the property is year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, HELOC, or reverse mortgage. Take advantage of Canada's innovative tools for streamlined processes and accuracy. For complete information and a quick mortgage pre-approval process, don't hesitate to reach out.