An increasing number of Canadians are choosing to invest in vacation properties for various reasons such as relaxation, wealth-building, and quality family time. Luckily, there are accessible mortgages available with low rates even for non-winterized or remote vacation properties. Whether you're looking for a lake cottage or a housing option for college, you can find the best mortgage to suit your needs. However, it's important to note that different lending criteria apply to secondary homes compared to primary residences. The down payment requirements also vary depending on the category of the vacation or secondary home. Some properties may qualify for a minimum 5% or 10% down payment, while others may require 20% or more. Additionally, different types of cottages have different requirements and may receive higher rates. The mortgage options available will depend on whether the property is categorized as year-round accessible or seasonal. If you need assistance with incorporating down payments, there are options such as mortgage refinancing, HELOC, or reverse mortgage. In Canada, there are innovative tools available to streamline the mortgage process and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out to our team.