A growing number of Canadians are choosing to invest in vacation properties as a means of relaxation, wealth-building, and creating lasting family memories. These properties, including non-winterized or remote locations, are now more accessible thanks to mortgages with low rates specifically designed for vacation properties. Whether you are looking for a lake cottage or a housing option for college, finding the best mortgage is possible. However, it is important to note that the lending criteria for second or third homes differ from primary residences. While some vacation and secondary homes may require a minimum down payment of 5% or 10%, others may require 20% or more depending on their categorization by lenders. Cottages in particular have varying requirements, with some types requiring higher down payments and receiving higher rates. Mortgage options also depend on whether the property is categorized as year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, a HELOC, or a reverse mortgage. Thankfully, Canada offers innovative tools that streamline processes and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out today.