A growing number of Canadians are choosing to invest in vacation properties for various reasons such as relaxation, wealth-building, and family moments. Fortunately, there are accessible mortgages available with low rates specifically designed for vacation properties, even those that are non-winterized or located in remote areas. Whether you are looking for a lake cottage or a housing option for college, there are mortgage options to suit different purposes. However, it is important to note that lending criteria for second or third homes differ from primary residences. While some vacation and secondary homes may qualify for a minimum down payment of 5% or 10%, certain categories may require a down payment of 20% or higher. The treatment and categorization of these homes by lenders also differ. Additionally, different types of cottages have different requirements, with certain types requiring higher down payments and receiving higher interest rates. The availability of mortgage options depends on the property type, whether it is categorized as year-round accessible or seasonal. To facilitate the process, there are innovative tools available in Canada for streamlined processes and enhanced accuracy. For more information and a quick mortgage pre-approval process, reach out to us.