An increasing number of Canadians are choosing to invest in vacation properties for various reasons such as relaxation, wealth-building, and creating family moments. These properties, including non-winterized or remote locations, are now more accessible through mortgages with low interest rates. Whether you are looking for a lake cottage or a housing option for college, there are mortgage options available to suit your needs. It is important to note that second or third homes have different lending criteria compared to primary residences. While some 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. Different types of cottages have varying requirements, with some demanding a higher down payment and receiving higher interest rates. The mortgage options depend on the property type, such as year-round accessible or seasonal, and down payments can be incorporated through mortgage refinancing, a home equity line of credit (HELOC), or reverse mortgage. Canada provides innovative tools for a streamlined process and accuracy, so reach out for complete information and a quick mortgage pre-approval process.