An increasing number of Canadians are choosing to invest in vacation properties for various reasons such as relaxation, wealth-building, and family moments. It is now possible to access mortgages with low rates for vacation properties, even in non-winterized or remote locations. Whether you are looking for a lake cottage or a college housing option, you can find the best mortgage to suit your needs. However, it is important to note that different lending criteria apply to second or third homes compared to primary residences. Some vacation and secondary homes may qualify for a minimum down payment of 5% or 10%, while others may require 20% or higher. These homes are categorized differently and receive different treatment from lenders, with certain types of cottages requiring a higher down payment and receiving higher rates. The availability of mortgage options will also depend on the type of property, whether it is categorized as year-round accessible or seasonal. To incorporate down payments, you can consider options such as mortgage refinancing, HELOC, or reverse mortgage. In Canada, there are innovative tools available to streamline processes and ensure accuracy. If you are interested in more information or a quick mortgage pre-approval process, reach out to us.