An increasing number of Canadians are choosing to invest in vacation properties for various reasons. These properties serve as a getaway home for relaxation, wealth-building, and creating precious family moments. The good news is that mortgages for vacation properties, even those that are non-winterized or located in remote areas, are now more accessible with low interest rates. Whether you are looking for a lake cottage or a housing option for college, you can find the best mortgage that suits your needs. However, it is important to note that different lending criteria apply to second or third homes compared to primary residences. Certain vacation and secondary homes can qualify for a minimum down payment of 5% or 10%, while others may require a higher down payment of 20% or more as they are categorized and treated differently by lenders. Additionally, different types of cottages have varying requirements, with some types requiring a higher down payment and receiving higher interest rates. The mortgage options available depend on the type of property, whether it is categorized as year-round accessible or seasonal. If you are in need of incorporating down payments, you have the option to use methods such as mortgage refinancing, HELOC, or reverse mortgage. Fortunately, Canada offers innovative tools that streamline processes and ensure accuracy. For complete information and a quick mortgage pre-approval process, do not hesitate to reach out.