An increasing number of Canadians are choosing to invest in vacation properties, whether it be for relaxation, wealth-building, or quality family time. What's more, obtaining mortgages with low interest rates for these properties has become more accessible, even for non-winterized or remote locations. Whether you're looking for a lake cottage or a housing option for your college-aged child, there are a variety of mortgage options available to suit your needs. It's important to note that the lending criteria for second or third homes differ from primary residences. While some vacation and secondary homes may only require a minimum down payment of 5% or 10%, others, depending on their classification, may require 20% or more. Additionally, different types of cottages have varying requirements, with certain types requiring higher down payments and receiving higher interest rates. Mortgage options also depend on whether the property is categorized as year-round accessible or seasonal. However, there are innovative tools available in Canada to help streamline the mortgage process and ensure accuracy. For complete information and a fast mortgage pre-approval process, don't hesitate to reach out.