The number of Canadians investing in vacation properties is on the rise, as people seek opportunities for relaxation, wealth-building, and quality time with family. Accessible mortgages with low rates are available for vacation properties, even in non-winterized or remote locations. Whether you're looking for a lake cottage or a housing option near a college, there are mortgage options to suit various purposes. 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 qualify for a minimum of 5% or 10% down payment, certain categories of vacation homes will require 20% or higher. These homes are categorized differently and receive different treatment from lenders. Additionally, different requirements exist for different types of cottages, with certain types requiring higher down payments and receiving higher rates. Mortgage options also depend on property type, whether it is year-round accessible or seasonal. Down payments can be incorporated via mortgage refinancing, HELOCs, or reverse mortgages. To take advantage of streamlined processes and accurate information, reach out for complete info and a quick mortgage pre-approval process.