More and more Canadians are choosing to invest in vacation properties for various purposes such as relaxation, wealth-building, and family moments. Accessible mortgages with low rates are available for vacation properties, even in non-winterized or remote locations. Whether you're interested in a lake cottage or a housing option for college, you can find the best mortgage to suit your needs. However, it's important to note that different lending criteria apply to second or third homes compared to primary residences. Some vacation and secondary homes may only require a minimum of 5% or 10% down payment, while others will require 20% or higher. The categorization and treatment of these properties by lenders vary. Different requirements exist for different types of cottages, with certain types necessitating higher down payments and receiving higher rates. Mortgage options are also dependent on whether the property is categorized as year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, HELOC, or reverse mortgage. Canada offers innovative tools for streamlined processes and accuracy. For complete information and a quick mortgage pre-approval process, reach out today.