An increasing number of Canadians are choosing to invest in vacation properties for various reasons such as relaxation, wealth-building, and family moments. Thankfully, there are accessible mortgages available with low rates for vacation properties, even in non-winterized or remote locations. Whether you are looking for a lake cottage or a housing option near a college, you can find the best mortgage to suit your needs. It's important to note that second or third homes have different lending criteria compared to primary residences. Some vacation and secondary homes may only require a minimum down payment of 5% or 10%, while others may require 20% or more depending on their category and treatment from lenders. Additionally, different types of cottages have different requirements, with certain types requiring higher down payments and receiving higher rates. The mortgage options available also depend on whether the property is categorized as year-round accessible or seasonal. To make it easier for buyers, down payments can be incorporated through mortgage refinancing, a Home Equity Line of Credit (HELOC), or reverse mortgage. Rest assured, there are innovative tools available in Canada to streamline the mortgage process and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out to us.