An increasing number of Canadians are choosing to invest in vacation properties for various reasons such as relaxation, wealth-building, and quality family time. The good news is that there are accessible mortgages available with low rates, 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. However, it's important to note that the lending criteria for second or third homes are different compared to primary residences. While some vacation and secondary homes may require a minimum down payment of 5% or 10%, certain categories may require 20% or even higher. These homes are categorized differently and receive different treatment from lenders. Additionally, different types of cottages have different requirements, with certain types requiring a higher down payment and receiving higher rates. The availability of mortgage options depends on whether the property is categorized as year-round accessible or seasonal. You can also incorporate down payments through mortgage refinancing, HELOC, or reverse mortgage. In Canada, there are innovative tools available to streamline processes and ensure accuracy. For complete information and a quick mortgage pre-approval process, reach out to us.