An increasing number of Canadians are choosing to invest in vacation properties for a variety of reasons, including relaxation, wealth-building, and quality family time. These properties, including non-winterized or remote locations, are now more accessible than ever thanks to mortgages with low rates specifically designed for vacation homes. Whether you are looking for a lake cottage or a housing option near a college, there is a suitable mortgage available for your needs. 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 require a minimum down payment of 5% or 10%, others may require 20% or more, depending on their categorization by lenders. Furthermore, different requirements and rates also apply depending on the type of cottage and its classification as either year-round accessible or seasonal. It is possible to incorporate down payments through various methods such as mortgage refinancing, HELOC, or reverse mortgages. Fortunately, Canada offers innovative tools that facilitate streamlined processes and ensure accuracy. For complete information and a quick mortgage pre-approval process, reach out now.