An increasing number of Canadians are choosing to invest in vacation properties for a variety of reasons. These properties provide an opportunity for relaxation, wealth-building, and cherished moments with family. Fortunately, there are accessible mortgages available with low rates specifically designed for vacation homes, including those that are non-winterized or in remote locations. Whether you're looking for a lake cottage or a college housing option, there are mortgage options to suit various purposes. It's important to note that lending criteria for second or third homes differ from primary residences. Some vacation and secondary homes may require a minimum down payment of 5% or 10%, while others may require 20% or more. These homes are categorized differently and receive different treatment from lenders. Additionally, different types of cottages have different requirements, with certain types requiring higher down payments and receiving higher rates. The availability of mortgage options depends on the property type, whether it is categorized as year-round accessible or seasonal. If you're considering investing in a vacation property, you can incorporate your down payment through mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. In Canada, there are innovative tools available to streamline the mortgage process and ensure accuracy. If you would like complete information and a quick mortgage pre-approval process, don't hesitate to reach out.