An increasing number of Canadians are choosing to invest in vacation properties for various reasons such as relaxation, wealth-building, and quality family time. These properties are now more accessible through mortgages with low interest rates, even for non-winterized or remote locations. Whether you're looking for a lake cottage or a housing option for your college student, there are different mortgage options available to suit your needs. However, it's important to note that the lending criteria for second or third homes differ from primary residences. While some vacation or secondary homes may only require a minimum down payment of 5% or 10%, others may require 20% or more depending on their categorization and treatment by lenders. Specific types of cottages may also have higher down payment requirements and interest rates. Mortgage options will also depend on the type of property, categorized as either year-round accessible or seasonal. If you need assistance with incorporating down payments or navigating the mortgage process, Canada offers innovative tools for streamlined processes and accuracy. For complete information and a quick mortgage pre-approval process, reach out for assistance.