An increasing number of Canadians are choosing to invest in vacation properties for various reasons such as relaxation, wealth-building, and creating memories with their families. These properties, even if they are non-winterized or in remote locations, can be financed with accessible mortgages that offer low rates. Whether you are looking for a lake cottage or a housing option for college, you can find the best mortgage that suits your needs. However, it's important to note that lending criteria for second or third homes differ from primary residences. Depending on the type of vacation or secondary home, the down payment requirement can range from a minimum of 5% or 10% to 20% or higher. Different types of cottages also have different requirements and may require a higher down payment and receive higher rates. The mortgage options available also depend on whether the property is categorized as year-round accessible or seasonal. Additionally, there are options to incorporate down payments through mortgage refinancing, HELOC, or reverse mortgage. In Canada, there are innovative tools available to streamline processes and ensure accuracy. For complete information and a quick mortgage pre-approval process, reach out for assistance.