An increasing number of Canadians are choosing to invest in vacation properties, seeing them as a means of relaxation, wealth-building, and creating precious family moments. The good news is that mortgages for vacation properties, whether they are winterized or in remote locations, are now accessible with low rates. Whether you're looking for a lake cottage or a housing option near a college, there are various mortgage options available to suit your needs. It's important to note that different lending criteria apply to second or third homes compared to primary residences. Depending on the category of your vacation or secondary home, you may be required to make a minimum down payment of 5%, 10%, or even 20% or higher. Different types of cottages also have different requirements, with some needing higher down payments and receiving higher rates. The availability of mortgage options will depend on whether the property is categorized as year-round accessible or seasonal. Lastly, there are innovative tools in Canada that can help streamline the mortgage process and ensure accuracy. For complete information and a quick mortgage pre-approval, reach out to get started.