An increasing number of Canadians are choosing to invest in vacation properties for various reasons such as relaxation, wealth-building, and creating memorable moments with family. Fortunately, there are accessible mortgages available with low rates specifically designed for vacation properties, even those that are non-winterized or located in remote areas. Whether you're looking for a lake cottage or a housing option for college, 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. While some vacation and secondary homes may only require a minimum down payment of 5% or 10%, others, depending on their category, will require 20% or more. These properties are categorized differently and receive different treatment from lenders. Additionally, different types of cottages have varying down payment requirements and may experience higher rates. Ultimately, the mortgage options available depend on the property type, which is categorized as either year-round accessible or seasonal. Moreover, there are innovative tools in Canada that can streamline processes, ensure accuracy, and incorporate down payments through mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. For more information and a quick mortgage pre-approval process, don't hesitate to reach out.