There is a growing trend among Canadians to invest in vacation properties, whether it be for relaxation, building wealth, or creating special moments with family. The good news is that there are accessible mortgages available with low rates, and this applies to properties in remote locations or those that are not winterized. Whether you are looking for a lake cottage or a housing option near a college, you can find the best mortgage to suit your needs. It's important to note that lending criteria for second or third homes differ from primary residences. Depending on the category of the vacation or secondary home, you may be able to make a down payment as low as 5% or 10%, while others may require 20% or more. Different types of cottages also have varying requirements, with certain types needing higher down payments and receiving higher rates. The mortgage options available are dependent on the property type, whether it is accessible all year or seasonal. Down payments can be incorporated via mortgage refinancing, HELOC, or reverse mortgage. In Canada, there are innovative tools available to facilitate streamlined processes and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out today.