There is a growing trend among Canadians to invest in vacation properties, whether it be for relaxation, building wealth, or creating family memories. The good news is that there are accessible mortgages available with low rates for these properties, even if they are non-winterized or in remote locations. Whether you are looking for a lake cottage or a college housing option, you can find the best mortgage to suit your needs. However, it's important to note that the lending criteria for second or third homes are different from primary residences. While some vacation and secondary homes may only require a minimum down payment of 5% or 10%, others, particularly certain types of cottages, may require a higher down payment and receive higher interest rates. The mortgage options available also depend on the property type, categorized as either year-round accessible or seasonal. For those who already own a property, down payments can be incorporated through mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. Fortunately, Canada offers innovative tools that make the mortgage process streamlined and accurate. For more information and a quick mortgage pre-approval process, reach out to learn more.