An increasing number of Canadians are choosing to invest in vacation properties for various reasons such as relaxation, wealth-building, and quality family time. Fortunately, there are accessible mortgages available with low rates specifically designed for vacation properties, even those located in non-winterized or remote areas. Whether you're looking for a lake cottage or a housing option near a college, there are various mortgage options to suit your needs. However, it's important to note that different lending criteria apply to second or third homes compared to primary residences. Some vacation and secondary homes may qualify for a minimum of 5% or 10% down payment, while certain categories of vacation and secondary homes will require 20% or higher. Different types of cottages also have different requirements, with some requiring a higher down payment and receiving higher rates. The availability of mortgage options also depends on the property type, whether it is year-round accessible or seasonal. Moreover, it is possible to incorporate down payments through mortgage refinancing, HELOC, or reverse mortgage. Thankfully, Canada offers innovative tools that streamline processes and ensure accuracy. For complete information and a quick mortgage pre-approval process, don't hesitate to reach out.