An increasing number of Canadians are choosing to invest in vacation properties, whether it be for relaxation, building wealth, or creating cherished family moments. The good news is that accessible mortgages with low rates are available for these properties, even if they are non-winterized or located in remote areas. 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. However, it is important to note that the lending criteria differs for second or third homes compared to primary residences. While some vacation and secondary homes may only require a minimum down payment of 5% or 10%, certain categories may require 20% or higher. Additionally, different types of cottages have different requirements, with some needing a higher down payment and receiving higher rates. The availability of mortgage options also depends on whether the property is categorized as year-round accessible or seasonal. If needed, down payments can be incorporated through mortgage refinancing, a Home Equity Line of Credit (HELOC), or a reverse mortgage. Thankfully, Canada offers innovative tools to streamline the mortgage process and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out today.