The number of Canadians investing in vacation properties is on the rise. These properties serve as a retreat for relaxation, an opportunity for wealth-building, and a place for cherished family moments. Even non-winterized or remote locations can now be financed with accessible mortgages that offer low rates. Whether you're looking for a lake cottage or a college housing option, there are mortgage options available to suit your needs. However, it's important to note that different lending criteria apply to second or third homes compared to primary residences. Some vacation and secondary homes may qualify for a minimum 5% or 10% down payment, while others require 20% or more. Categorization and treatment of these homes by lenders can vary. Additionally, different types of cottages may have varying down payment requirements and rates. The mortgage options available depend on the property type, which is categorized as either year-round accessible or seasonal. If needed, down payments can be incorporated through mortgage refinancing, HELOC, or reverse mortgage. Take advantage of the innovative tools available in Canada to streamline the mortgage process and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out to us.