An increasing number of Canadians are choosing to invest in vacation properties for various reasons such as relaxation, building wealth, and creating precious family moments. The good news is that there are accessible mortgages available with low interest rates, even for non-winterized or remote locations. Whether you are looking for a lake cottage or a housing option near a college, you can find the best mortgage to suit your needs. It is important to note that different lending criteria apply to second or third homes compared to primary residences, with some vacation and secondary homes requiring a minimum down payment of 5% or 10%, while others will require 20% or higher. The treatment from lenders can also vary depending on the category of the property. Certain cottage types may require a higher down payment and receive higher interest rates. The mortgage options available will depend on the property type, whether it is categorized as year-round accessible or seasonal. Additionally, down payments can be incorporated through methods such as mortgage refinancing, a Home Equity Line of Credit (HELOC), or a reverse mortgage. In Canada, there are innovative tools available to streamline processes and ensure accuracy. For complete information and a quick mortgage pre-approval process, feel free to reach out.