An increasing number of Canadians are choosing to invest in vacation properties for reasons such as relaxation, wealth-building, and creating family memories. The availability of accessible mortgages with low rates makes it possible to purchase vacation properties, even in non-winterized or remote locations. Whether you are interested in a lake cottage or a housing option for college, there are different mortgage options available to suit your needs. Keep in mind that different lending criteria apply to second or third homes compared to primary residences. Depending on the type of vacation or secondary home, a minimum down payment of 5% or 10% may be required, while others may require 20% or more. Different types of cottages also have varying down payment requirements and interest rates. Mortgage options are based on the type of property, categorized as year-round accessible or seasonal. Down payments can be incorporated into your mortgage through refinancing, a home equity line of credit (HELOC), or a reverse mortgage. Take advantage of innovative tools in Canada that allow for streamlined processes and accuracy when it comes to securing a mortgage. For more information and a quick mortgage pre-approval process, reach out to a professional.