A growing number of Canadians are choosing to invest in vacation properties, whether for relaxation, wealth-building, or precious family moments. The good news is that there are now accessible mortgages available with low rates specifically for vacation homes, even those that are non-winterized or located in remote areas. Whether you're looking for a lake cottage or a housing option for your college-aged child, you can find the best mortgage to suit your needs. It's important to note that lending criteria for second or third homes differ from those for primary residences. Depending on the type of vacation or secondary home, you may be able to make a minimum down payment of 5% or 10%, while others will require 20% or more. Different categories of homes also receive different treatment from lenders, with certain types of cottages requiring higher down payments and receiving higher rates. The mortgage options available will depend on whether the property is categorized as year-round accessible or seasonal. If you need help with your down payment, you can consider incorporating it through mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. Thankfully, innovative tools are available in Canada to streamline the mortgage process and ensure accuracy. If you'd like more information or a quick mortgage pre-approval process, don't hesitate to reach out.