An increasing number of Canadians are choosing to invest in vacation properties for various reasons such as relaxation, wealth-building, and creating precious family moments. These properties, including non-winterized or remote locations, are now more accessible thanks to mortgages with low interest rates. Whether you are looking for a lake cottage or a housing option near a 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. Minimum down payment requirements can vary, with some vacation and secondary homes qualifying for as low as 5% or 10% down payment, while others may require 20% or higher. Different types of cottages also have different down payment requirements and interest rates. Mortgage options are determined by the property type, categorized as either year-round accessible or seasonal. Additionally, down payments can be incorporated through various methods such as mortgage refinancing, HELOC, or reverse mortgage. Thankfully, Canada offers innovative tools to streamline the mortgage process and ensure accuracy. For complete information and a quick mortgage pre-approval process, reach out to us.