An increasing number of Canadians are choosing to invest in vacation properties for a variety of reasons, including relaxation, wealth-building, and family moments. These properties are becoming more accessible thanks to mortgages with low 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 different mortgage options available depending on your specific needs. Second or third homes have different lending criteria compared to primary residences, and the down payment requirements vary for different types of vacation and secondary homes. Some may qualify for a minimum down payment of 5% or 10%, while others may require 20% or more. Additionally, the rates and down payments can differ for different types of cottages, based on their classification as year-round accessible or seasonal. Luckily, there are innovative tools in Canada to help streamline the mortgage process and ensure accuracy. To learn more and begin the quick mortgage pre-approval process, reach out for complete information.