The number of Canadians investing in vacation properties is increasing. These properties offer benefits such as relaxation, wealth-building, and quality family time. It is now easier to obtain accessible mortgages for vacation properties, even in non-winterized or remote locations. Whether you are looking for a lake cottage or a college housing option, there are various mortgage options available to suit your needs. However, it's important to note that second or third homes have different lending criteria compared to primary residences. Depending on the category of the vacation or secondary home, the down payment requirement can range from a minimum of 5% to 20% or higher. Different types of cottages also have varying down payment requirements and interest rates. The mortgage options available are dependent on the property type, whether it is year-round accessible or seasonal. Additionally, down payments can be incorporated through mortgage refinancing, HELOC, or reverse mortgage. Take advantage of innovative tools in Canada to streamline the mortgage process and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out to us.