The number of Canadians purchasing vacation properties is on the rise. These properties offer a variety of benefits such as relaxation, wealth-building opportunities, and quality family time. In addition, mortgages with low interest rates are now more accessible, even for vacation properties in non-winterized or remote locations. Whether you are looking for a lake cottage or a housing option for college, there are mortgage options available to suit various needs. However, it is important to note that different lending criteria apply to second or third homes compared to primary residences. Certain vacation and secondary homes may qualify for a minimum down payment of 5% or 10%, while others require 20% or more. Each type of property is categorized differently and receives different treatment from lenders. Additionally, the requirements for different types of cottages also vary, with some types requiring a higher down payment and receiving higher interest rates. The availability of mortgage options depends on the property type, whether it is categorized as year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, HELOC, or reverse mortgage. Canada offers innovative tools that streamline processes and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out to us.