An increasing number of Canadians are choosing to invest in vacation properties for various reasons such as relaxation, wealth-building, and creating special family moments. Thankfully, mortgages with low rates are accessible for these vacation properties, even if they are non-winterized or located in remote areas. Whether you're looking for a lake cottage getaway or a housing option for your college student, you can find the best mortgage to suit 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 down payment of 5% or 10%, certain categories of these properties may require a higher down payment of 20% or more. These properties are categorized differently and receive different treatment from lenders. Additionally, different types of cottages have different requirements, with some requiring higher down payments and receiving higher rates. The availability of mortgage options depends on the property type, whether it is year-round accessible or seasonal. If you need assistance with incorporating down payments, there are options such as mortgage refinancing, HELOC, or reverse mortgage. Fortunately, there are innovative tools available in Canada to streamline processes and ensure accuracy. To obtain complete information and a quick mortgage pre-approval process, reach out for assistance.