An increasing number of Canadians are choosing to invest in vacation properties, whether for relaxation, wealth-building, or family moments. Fortunately, there are accessible mortgages available with low rates, even for non-winterized or remote locations. Whether you're looking for a lake cottage or a housing option near a 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. While some vacation and secondary homes may only require a minimum down payment of 5% or 10%, certain categories will require 20% or more. These properties are categorized differently and receive different treatment from lenders. Additionally, different types of cottages have different requirements, with some requiring higher down payments and receiving higher rates. The available mortgage options will depend on whether the property is categorized as year-round accessible or seasonal. If needed, down payments can be incorporated through mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. Fortunately, there are innovative tools available in Canada to streamline processes and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out to us.