An increasing number of Canadians are choosing to invest in vacation properties for reasons such as relaxation, building wealth, and creating special family moments. These properties, even if they are non-winterized or located in remote areas, are now more accessible with mortgages available at low rates. Whether it's a lake cottage or a housing option for college, the best mortgage can be found to suit various purposes. Different lending criteria are applied to second or third homes compared to primary residences. Depending on the type of vacation or secondary home, a minimum down payment of either 5% or 10% may be required, while others may need 20% or more. Different types of cottages also have different requirements, with some necessitating a higher down payment and receiving higher rates. Mortgage options depend on the property's type, whether it is year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. Canada offers innovative tools for a streamlined and accurate mortgage application process. For complete information and a quick mortgage pre-approval process, reach out to us.