An increasing number of Canadians are choosing to invest in vacation properties, whether it be for relaxation, wealth-building, or quality family time. Thankfully, mortgages for these vacation properties are readily accessible with low interest rates, even for non-winterized or remote locations. Whether you're looking for a lake cottage or a housing option near a college, there are various mortgage options available to suit your specific needs. It's important to note that different lending criteria applies to second or third homes compared to primary residences. While some vacation and secondary homes may only require a minimum down payment of 5% or 10%, others may require 20% or more. It all depends on the category of the property and how it is classified by lenders. Additionally, different types of cottages may have different down payment requirements and receive higher interest rates. The mortgage options available also vary depending on whether the property is classified as year-round accessible or seasonal. If you're looking to incorporate your down payment into your mortgage, options such as mortgage refinancing, HELOC, or reverse mortgage are available. Canada also offers innovative tools that streamline the mortgage processes and ensure accuracy. For more information and a quick mortgage pre-approval process, don't hesitate to reach out.