An increasing number of Canadians are choosing to invest in vacation properties for various reasons such as relaxation, wealth-building, and quality family moments. The good news is that mortgages with low interest rates are readily available 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 near a college, you can find the best mortgage option to suit your needs. It's important to note that the lending criteria for second or third homes differ from those for primary residences. While some vacation or 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. Different types of cottages also have different requirements and may be subject to higher rates. Additionally, the availability of mortgage options may depend on whether the property is categorized as year-round accessible or seasonal. To facilitate the process, down payments can be incorporated through mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. Canada offers innovative tools to streamline the mortgage process and ensure accuracy. For complete information and a quick mortgage pre-approval process, feel free to reach out.