An increasing number of Canadians are choosing to invest in vacation properties, whether it be for relaxation, wealth-building, or creating lasting family moments. The good news is that there are accessible mortgages available with low interest rates, even for properties that are non-winterized or located in remote areas. Whether you're interested in a lake cottage or a housing option near a college, there are mortgage options to suit your needs. It's important to note that lending criteria for second or third homes differ from those for primary residences. While some vacation and secondary homes may qualify for a minimum down payment of 5% or 10%, others, depending on their category, may require a down payment of 20% or higher. Different types of cottages also have varying requirements, with certain types necessitating a higher down payment and incurring higher rates. The options available to you will depend on whether the property is categorized as year-round accessible or seasonal. Additionally, you have the option to incorporate your down payment through mortgage refinancing, a Home Equity Line of Credit (HELOC), or a reverse mortgage. In Canada, there are innovative tools available to streamline the mortgage process and ensure accuracy. If you're interested in learning more and going through a quick pre-approval process, don't hesitate to reach out for complete information.