An increasing number of Canadians are choosing to invest in vacation properties. These properties offer a perfect getaway for relaxation, as well as opportunities for building wealth and creating memorable family moments. What's more, mortgages for vacation properties are now more accessible, with low interest rates available even for non-winterized or remote locations. Whether you're looking for a lake cottage or a college housing option, you can find the best mortgage to suit your needs. It's important to note that lending criteria for second or third homes differ from those for primary residences. While some vacation and secondary homes may only require a minimum down payment of 5% or 10%, others may require 20% or more, as they are categorized differently by lenders. The requirements and rates may also vary depending on the type of cottage, with certain types requiring higher down payments. The mortgage options available also depend on whether the property is categorized as year-round accessible or seasonal. If you're looking to incorporate your down payment into your mortgage, options such as mortgage refinancing, HELOC, or reverse mortgage are available. In Canada, there are innovative tools that can help streamline the mortgage process and ensure accuracy. For complete information and a quick mortgage pre-approval process, reach out to the experts.