An increasing number of Canadians are choosing to invest in vacation properties for various reasons such as relaxation, wealth-building, and quality time with family. Fortunately, there are accessible mortgages available with low 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. However, it is 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 of these properties will require a higher down payment of 20% or more. Additionally, different types of cottages have different requirements, with some types requiring a higher down payment and receiving higher rates. The mortgage options available to you will also depend on the property type, whether it is categorized as year-round accessible or seasonal. Fortunately, there are innovative tools available in Canada to streamline the mortgage process and ensure accuracy. For complete information and a quick mortgage pre-approval process, reach out to us.