An increasing number of Canadians are choosing to invest in vacation properties for various reasons such as relaxation, wealth-building, and creating lasting family moments. Thankfully, obtaining accessible mortgages with low rates for vacation properties is now possible, even for non-winterized or remote locations. Whether you're looking for a lake cottage or a college housing option, you can find the best mortgage to meet your needs. However, it's important to note that there are different lending criteria for second or third homes compared to primary residences. While some vacation and secondary homes may require a minimum down payment of 5% or 10%, certain categories of vacation and secondary homes will require a higher down payment of 20% or more. Moreover, different types of cottages have different requirements, leading to varying down payments and rates. The availability of mortgage options will depend on the property type, whether it is categorized as year-round accessible or seasonal. Additionally, down payments can be incorporated through mortgage refinancing, HELOC, or reverse mortgage. In Canada, there are innovative tools available to streamline the mortgage process and ensure accuracy. If you are interested in obtaining complete information and a quick mortgage pre-approval, get in touch today.