An increasing number of Canadians are choosing to invest in vacation properties for reasons such as relaxation, wealth-building, and family moments. Fortunately, there are accessible mortgages available with low rates 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 suit your needs. However, it is important to note that different lending criteria apply to second or third homes compared to primary residences. Depending on the category of vacation or secondary home, some properties may qualify for a minimum of 5% or 10% down payment, while others may require 20% or higher. Additionally, different types of cottages have different requirements, with some requiring a higher down payment and receiving higher rates. Mortgage options also depend on whether the property is categorized as year-round accessible or seasonal. If you need assistance with incorporating down payments, there are options such as mortgage refinancing, HELOC, or reverse mortgage. Take advantage of innovative tools in Canada that streamline processes and ensure accuracy. For complete information and a quick mortgage pre-approval process, reach out today.