An increasing number of Canadians are opting to invest in vacation properties for various reasons such as relaxation, wealth-building, and creating memorable family moments. The good news is that there are accessible mortgages available with low rates even for properties that are non-winterized or located in remote areas. Whether you are looking for a lake cottage or a housing option for college, there are different mortgage options available to meet your needs. It's important to note that different lending criteria apply to secondary or vacation 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 a higher down payment of 20% or more. These different types of properties are categorized differently and receive different treatment from lenders, with specific requirements for different types of cottages resulting in higher down payments and rates. The availability of mortgage options also depends on the type of property, whether it is categorized as year-round accessible or seasonal. To help with down payments, there are options such as mortgage refinancing, HELOC, or reverse mortgage. Additionally, Canada offers innovative tools that simplify the mortgage process and ensure accuracy. For complete information and a quick mortgage pre-approval process, reach out to the appropriate channels.