A growing number of Canadians are choosing to invest in vacation properties, whether for relaxation, as a means of building wealth, or for cherished family moments. Fortunately, there are accessible mortgage options available, with low rates specifically tailored for vacation properties, including those that may not be winterized or located in remote areas. Whether you're looking for a lake cottage or a housing option for a college student, you can find the best mortgage to suit your needs. It's important to note that different lending criteria apply to second or third homes compared to primary residences. While some vacation and secondary homes may qualify for a minimum down payment of 5% or 10%, certain categories will require 20% or higher. These different categories receive different treatment from lenders, and requirements can also vary depending on the type of cottage - with certain cottages 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. However, if you're looking to incorporate your down payment, options such as mortgage refinancing, HELOC, or reverse mortgage can be considered. In Canada, there are innovative tools available to streamline the mortgage process and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out today.