The number of Canadians purchasing vacation properties is on the rise. These properties offer a chance for relaxation, wealth-building, and quality family time. Even non-winterized or remote locations are now accessible with the help of mortgages with low rates. Whether it's a lake cottage or a housing option near a college, finding the right mortgage is crucial. It's important to note that different lending criteria apply to secondary homes compared to primary residences. Depending on the type of vacation home, the down payment required can vary between 5%, 10%, or 20%+. Cottages have their own specific requirements and may require higher down payments and interest rates. The mortgage options available depend on whether the property is year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, HELOC, or reverse mortgages. Canada offers innovative tools to streamline the process and ensure accuracy. For complete information and a quick mortgage pre-approval process, reach out to us.