An increasing number of Canadians are choosing to invest in vacation properties for various reasons, including relaxation, wealth-building, and creating lasting family memories. Luckily, there are accessible mortgages available with low rates specifically designed for vacation properties, even those that are non-winterized or located in remote areas. Whether you are interested in purchasing a lake cottage or a housing option for college, you can find the best mortgage to suit your needs. However, it is 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 of vacation and secondary homes will require a higher down payment of 20% or more. Additionally, different types of cottages have different requirements, with some requiring a higher down payment and receiving higher rates. The mortgage options available to you will depend on the type of property, whether it is categorized as year-round accessible or seasonal. If needed, you can incorporate your down payment through mortgage refinancing, 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, reach out today.