An increasing number of Canadians are choosing to invest in vacation properties for various reasons such as relaxation, wealth-building, and creating lasting family moments. The good news is that there are accessible mortgages with low rates available for these vacation properties, 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 that suits your needs. It is important to note that different lending criteria apply to second or third homes compared to primary residences. While some vacation and secondary homes may qualify for a minimum of 5% or 10% down payment, certain categories will require 20% or more. These homes are categorized differently and are treated differently by lenders. Additionally, different requirements and rates apply to different types of cottages, some of which require higher down payments. The mortgage options available also depend on whether the property is year-round accessible or seasonal. If you require additional funds for your down payment, you can consider incorporating it through mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. In Canada, there are innovative tools available to streamline processes and ensure accuracy. For complete information and a quick mortgage pre-approval process, don't hesitate to reach out.