An increasing number of Canadians are choosing to invest in vacation properties for various reasons, including relaxation, wealth-building, and creating memorable family moments. Fortunately, accessible mortgages with low interest rates are available for vacation properties, even those that may not be winterized or located in remote areas. Whether you are looking for a lake cottage or a housing option near a college, there are mortgage options that can cater to your specific needs. It is important to note that lending criteria for second or third homes differ from primary residences. While some vacation and secondary homes may qualify for a minimum down payment of 5% or 10%, certain categories may require a higher down payment of 20% or more due to their classification and treatment by lenders. Different types of cottages may also have varying requirements, leading to different down payments and interest rates. Depending on the property type, mortgages can be obtained for year-round accessible or seasonal properties. In addition, down payments for vacation properties can be incorporated through mortgage refinancing, home equity line of credit (HELOC), or reverse mortgages. Canada offers innovative tools to streamline the mortgage process and ensure accuracy. For more information and a quick mortgage pre-approval process, do not hesitate to reach out.