There is a growing trend of Canadians investing in vacation properties, which serve as a getaway for relaxation, wealth-building, and family moments. Even non-winterized or remote locations are now more accessible thanks to mortgages with low rates specifically designed for vacation properties. Whether you are looking for a lake cottage or a college housing option, you can find the best mortgage suited for 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 only require a minimum down payment of 5% or 10%, certain categories will require 20% or higher. These properties are categorized differently and therefore receive different treatment from lenders. The down payment and rates for cottages also vary depending on the specific type of cottage. The mortgage options available depend on whether the property is categorized as year-round accessible or seasonal. It is possible to incorporate down payments through mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. In Canada, there are innovative tools available to simplify the mortgage process and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out for complete assistance.