More and more Canadians are choosing to invest in vacation properties for various reasons such as relaxation, wealth-building, and family moments. Fortunately, accessible mortgages with low rates are available for vacation properties, including those that are non-winterized or in 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 different lending criteria apply to second or third homes compared to primary residences. For certain categories of vacation and secondary homes, a minimum down payment of 5% or 10% may be required, while others may require 20% or higher. These homes are categorized differently and treated differently by lenders. Additionally, different types of cottages have different requirements, with some requiring a higher down payment and receiving higher rates. Mortgage options will also depend on whether the property is categorized as year-round accessible or seasonal. To incorporate down payments, you have the option of mortgage refinancing, a HELOC, or a reverse mortgage. If you're interested in learning more or starting the quick mortgage pre-approval process, reach out for complete information and access to innovative tools in Canada.