An increasing number of Canadians are choosing to invest in vacation properties for a variety of reasons such as relaxation, wealth-building, and creating lasting family moments. Even non-winterized or remote locations are becoming more accessible with mortgages offering low rates. Whether you're looking for a lake cottage or a housing option for college, there are mortgage options available to suit various purposes. 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 qualify for a minimum 5% or 10% down payment, others, depending on their category, may require 20% or higher. Different types of cottages also have different requirements, with certain types needing a higher down payment and receiving higher rates. Mortgage options will depend on whether the property is categorized as year-round accessible or seasonal. Additionally, down payments can be incorporated through mortgage refinancing, HELOC, or reverse mortgage. Thankfully, Canada offers innovative tools that provide streamlined processes and accuracy. For complete information and a quick mortgage pre-approval process, reach out to the appropriate resources.