An increasing number of Canadians are choosing to invest in vacation properties for a variety of reasons such as relaxation, wealth-building, and family moments. The good news is that there are accessible mortgages available with low rates even for non-winterized or remote locations. Whether you are looking for a lake cottage or a college housing option, you can find the best mortgage that suits your needs. However, it's important to note that lending criteria for second or third homes differ from primary residences. While some vacation or secondary homes may require a minimum down payment of 5% or 10%, others may require 20% or higher. These properties are categorized differently and treated differently by lenders. Additionally, different types of cottages may have different requirements, with certain types requiring a higher down payment and receiving higher interest rates. The availability of mortgage options also depends on whether the property is year-round accessible or seasonal. If you need assistance with incorporating your down payment, there are options such as mortgage refinancing, HELOC, or reverse mortgage. Fortunately, Canada offers innovative tools that can streamline the mortgage process and ensure accuracy. If you are interested in learning more or undergoing a quick mortgage pre-approval process, reach out for complete information.