An increasing number of Canadians are choosing to invest in vacation properties for various reasons such as relaxation, wealth-building, and creating special family moments. Fortunately, there are accessible mortgage options with low rates available even for non-winterized or remote vacation properties. Whether you are looking for a lake cottage or a housing option for your college-aged child, it is important to understand that different lending criteria apply to second or third homes compared to primary residences. While certain vacation and secondary homes may qualify for a minimum down payment of 5% or 10%, others may require a higher down payment of 20% or more. It's crucial to note that different types of cottages also have varying requirements, including higher down payments and rates. The mortgage options available depend on whether the property is categorized as year-round accessible or seasonal. Additionally, down payments can be incorporated through mortgage refinancing, home equity line of credit (HELOC), or even a reverse mortgage. Canada offers innovative tools that can streamline the mortgage process and ensure accuracy. For more information and a quick mortgage pre-approval process, don't hesitate to reach out.