An increasing number of Canadians are choosing to invest in vacation properties for various reasons such as relaxation, wealth-building, and quality family moments. Additionally, it is now possible to obtain accessible mortgages with low interest rates even for non-winterized or remote locations. Whether you are looking for a lake cottage or a housing option for college, you can find the best mortgage to suit your needs. However, it is important to note that lending criteria for second or third homes differ from primary residences. Depending on the type of vacation or secondary home, down payment requirements can range from a minimum of 5% or 10% to 20% or higher. Different types of cottages also have varying down payment requirements and interest rates. It is essential to consider the property type, categorizing it as year-round accessible or seasonal, when exploring mortgage options. If needed, down payments can be incorporated through mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. Canada offers innovative tools that streamline processes and ensure accuracy. For comprehensive information and a quick mortgage pre-approval process, reach out to us.