There is a growing trend amongst Canadians to invest in vacation properties for various purposes. These properties serve as a getaway home for relaxation, wealth-building, and creating special moments with family. The good news is that mortgages with low rates are readily available for vacation properties, even those that are non-winterized or located in remote areas. Whether you are interested in a lake cottage or a housing option for college, there are suitable mortgage options to meet your needs. However, it is important to note that the lending criteria for second or third homes differ from primary residences. While some vacation and secondary homes may require a minimum down payment of 5% or 10%, others may require 20% or higher, depending on their categorization and treatment by lenders. Additionally, different types of cottages have varying down payment requirements and interest rates. The mortgage options available also depend on whether the property is categorized as year-round accessible or seasonal. To make the process easier, there are innovative tools in Canada that streamline processes and ensure accuracy. For complete information and a quick mortgage pre-approval process, reach out for assistance.