A growing number of Canadians are choosing to invest in vacation properties as a means of relaxation, wealth-building, and creating unforgettable family moments. These properties, including non-winterized or remote locations, are now more accessible thanks to affordable mortgages with low interest rates. Whether you're looking for a lake cottage or a college housing option, there are mortgage options available to suit various purposes. However, it's important to note that lending criteria for second or third homes differ from those for primary residences. Some vacation and secondary homes may qualify for a minimum down payment of 5% or 10%, while others require 20% or more. These homes have different categorizations and receive varying treatment from lenders. Additionally, the type of cottage you're interested in may also impact your down payment requirements and interest rates. Depending on whether the property is year-round accessible or seasonal, different mortgage options are offered. If you're considering investing in a vacation property, you have the option to incorporate your down payment through mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. Canada also provides innovative tools to ensure streamlined processes and accurate information. For complete details and a quick mortgage pre-approval process, feel free to reach out.