The number of Canadians investing in vacation properties is on the rise, as people are seeking relaxation, opportunities for wealth-building, and cherished moments with their families. Fortunately, there are accessible mortgages available at low rates for vacation properties, including those that are non-winterized or in remote locations. Whether you're looking for a lake cottage or a housing option near a college, 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 can qualify for a minimum down payment of 5% or 10%, certain categories of these properties will require 20% or higher. Additionally, different types of cottages have different requirements, with some necessitating a higher down payment and receiving higher rates. Mortgage options also depend on whether the property is categorized as year-round accessible or seasonal. Should you need assistance with incorporating down payments, there are options such as mortgage refinancing, a HELOC, or a reverse mortgage. Lastly, Canada offers innovative tools to streamline processes and ensure accuracy throughout the mortgage application. For complete information and a quick mortgage pre-approval process, feel free to reach out.