An increasing number of Canadians are choosing to invest in vacation properties, whether it be for relaxation, wealth-building, or creating special family moments. The good news is that accessible mortgages with low rates are available for these types of properties, including those in non-winterized or remote locations. Whether you are looking for a lake cottage or a housing option for your college-aged children, there are mortgage options that will suit your needs. It's important to note that lending criteria for second or third homes differ from primary residences. Depending on the category of the vacation or secondary home, a minimum down payment of 5% or 10% may be required, while others may require 20% or more. Different types of cottages also have different requirements, with certain types 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. Down payments for these properties can be incorporated through mortgage refinancing, a Home Equity Line of Credit (HELOC), or a reverse mortgage. With innovative tools available in Canada, the mortgage process has become more streamlined and accurate. For complete information and a quick mortgage pre-approval process, be sure to reach out to an expert.