An increasing number of Canadians are choosing to invest in vacation properties. These properties offer a chance for relaxation, wealth-building, and special family moments. What's more, mortgages with low rates are now accessible for vacation properties, including those in non-winterized or remote locations. Whether you're looking for a lake cottage or a housing option near a college, you can find the best mortgage to suit your needs. However, it's important to note that different lending criteria apply to second or third homes compared to primary residences. Some vacation and secondary homes may qualify for a down payment as low as 5% or 10%, while others may require 20% or more. These properties are categorized differently and are treated differently by lenders. Moreover, the specific requirements for different types of cottages can impact the down payment and interest rates. The availability of mortgage options depends on whether the property is categorized as year-round accessible or seasonal. And finally, there are various ways to incorporate down payments, such as through mortgage refinancing, a HELOC, or a reverse mortgage. To learn more and start the quick mortgage pre-approval process, reach out for complete information and take advantage of the innovative tools available in Canada.