An increasing number of Canadians are choosing to invest in vacation properties, whether it be for relaxation, wealth-building, or quality family moments. The good news is that mortgages with low rates are readily available for these properties, even if they are located in non-winterized or remote areas. Whether you are looking for a lake cottage or a housing option for your college student, 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. While some vacation and secondary homes may only require a minimum down payment of 5% or 10%, others may require 20% or more. Each type of property is categorized differently and treated differently by lenders. Additionally, the requirements for different types of cottages can also vary, with some types requiring a higher down payment and higher interest rates. The mortgage options available to you will depend on the type of property you are interested in, whether it is year-round accessible or seasonal. If you need help with your down payment, there are options such as mortgage refinancing, a Home Equity Line of Credit (HELOC), or a reverse mortgage. Luckily, Canada offers innovative tools to streamline the mortgage process and ensure accuracy. If you would like more information or a quick mortgage pre-approval, don't hesitate to reach out.