An increasing number of Canadians are choosing to invest in vacation properties as a means of relaxation, wealth-building, and creating cherished family moments. The good news is that there are accessible mortgages available with low rates, even for 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 is important to note that different lending criteria apply to second or third homes in comparison to primary residences. While some vacation and secondary homes can qualify for a minimum down payment of 5% or 10%, certain categories may require 20% or more. These properties are categorized differently and receive different treatment from lenders, with some cottage types requiring higher down payments and receiving higher rates. Mortgage options also depend on the property type, categorized as year-round accessible or seasonal. If you are in need of down payment options, you can incorporate them through mortgage refinancing, HELOC, or reverse mortgage. Luckily, Canada offers innovative tools for streamlined processes and accuracy, so reach out for complete information and a quick mortgage pre-approval process.