An increasing number of Canadians are choosing to invest in vacation properties, whether it be for relaxation, wealth-building, or family moments. These properties, including non-winterized or remote locations, are made more accessible through mortgages with low rates. Whether you're looking for a lake cottage or a college housing option, there are various mortgages available 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%, others may require 20% or higher. These properties are categorized differently and treated differently by lenders. Additionally, different types of cottages may have different requirements, with some requiring a higher down payment and receiving higher rates. The mortgage options available to you will also depend on whether the property is categorized as year-round accessible or seasonal. To fund your down payment, you can consider options like mortgage refinancing, a HELOC, or a reverse mortgage. Canada offers innovative tools to streamline the mortgage process and ensure accuracy. If you're interested, reach out for more information and a quick mortgage pre-approval process.