The number of Canadians investing in vacation properties is on the rise, as people seek relaxation, wealth-building opportunities, and quality family time. Accessible mortgages with low rates are available for vacation properties, even those that are non-winterized or located in remote areas. Whether you are looking for a lake cottage or a housing option for college, you can find the best mortgage to suit your needs. It is important to note that different lending criteria apply to second or third homes compared to primary residences. While some vacation and secondary homes may only require a minimum down payment of 5% or 10%, certain categories may require 20% or more. Different types of cottages have varying requirements, with some requiring higher down payments and receiving higher rates. Your mortgage options will also depend on the type of property, whether it is categorized as year-round accessible or seasonal. You can incorporate down payments through mortgage refinancing, a Home Equity Line of Credit (HELOC), or a reverse mortgage. Take advantage of innovative tools available in Canada to streamline the mortgage process and ensure accuracy. Contact us for complete information and a quick mortgage pre-approval process.