An increasing number of Canadians are choosing to invest in vacation properties for a variety of reasons. These properties serve as a getaway for relaxation, a means to build wealth, and a place for precious family moments. The good news is that accessible mortgages with low rates are now available for vacation properties, even ones that are non-winterized or located in remote areas. Whether you're looking for a lake cottage or a housing option near a college, you can find the best mortgage to suit your needs. It's important to note that different lending criteria apply to second or third homes compared to primary residences. While some vacation and secondary homes may only require a minimum of 5% or 10% down payment, others, based on their category, will require 20% or higher. These categories are determined by lenders and are treated differently. Additionally, different types of cottages have their own specific requirements, with certain types requiring a higher down payment and receiving higher rates. Mortgage options are also dependent on the property type, whether it is categorized as year-round accessible or seasonal. If you are in need of down payment assistance, you can incorporate funds through mortgage refinancing, a Home Equity Line of Credit (HELOC), or a reverse mortgage. Fortunately, Canada offers innovative tools to streamline the mortgage process and ensure accuracy. For more comprehensive information and a quick mortgage pre-approval process, don't hesitate to reach out.