The number of Canadians investing in vacation properties is on the rise as these properties offer opportunities for relaxation, wealth-building, and cherished family moments. Even non-winterized or remote locations can now be easily accessed with mortgages that offer low rates for vacation properties. Whether you're looking for a lake cottage or a housing option for college, there are mortgage options available to suit your needs. It's important to note that different lending criteria apply to second or third homes compared to primary residences. While some vacation and secondary homes may qualify for a minimum down payment of 5% or 10%, certain categories will require 20% or more. There are also different requirements for different types of cottages, with some requiring higher down payments and receiving higher rates. The availability of mortgage options depends on the property type, whether it is categorized as year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. With innovative tools available in Canada, the mortgage process has become streamlined and accurate. For comprehensive information and a quick mortgage pre-approval process, reach out to us.