The number of Canadians investing in vacation properties is on the rise as people seek relaxation, wealth-building, and quality time with their families. Even non-winterized or remote locations can now be financed with accessible mortgages that offer low rates. Whether you are looking for a lake cottage or a housing option for college, there are various mortgage options available to meet your needs. However, it's important to note that second or third homes have different lending criteria compared to primary residences. While some vacation and secondary homes may only require a minimum down payment of 5% or 10%, others may require 20% or more. Different types of cottages also have different requirements, with certain types requiring a higher down payment and receiving higher rates. The mortgage options available depend on whether the property is classified as year-round accessible or seasonal. Down payments can also be incorporated through mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. In Canada, there are innovative tools available to simplify and ensure accuracy throughout the mortgage process. For complete information and a quick mortgage pre-approval process, reach out for assistance.