A growing number of Canadians are choosing to invest in vacation properties for various reasons such as relaxation, wealth-building, and spending quality time with their families. The good news is that there are accessible mortgages available at low rates for vacation properties, even for those located in non-winterized or remote areas. Whether you're looking for a lake cottage or a housing option for your college, you can find the best mortgage that suits your needs. It's important to note that the lending criteria for second or third homes differ from that of primary residences. While some vacation and secondary homes may qualify for a minimum down payment of 5% or 10%, certain categories of these homes will require a down payment of 20% or higher. Different types of cottages also have different requirements, with some needing a higher down payment and receiving higher interest rates. The availability of mortgage options depends on the property type, whether it's categorized as year-round accessible or seasonal. Additionally, you have the option to incorporate your down payment through mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. Canada offers innovative tools and resources to streamline the mortgage process and ensure accuracy. If you're interested, don't hesitate to reach out for complete information and a quick mortgage pre-approval process.