An increasing number of Canadians are choosing to invest in vacation properties for various reasons such as relaxation, wealth-building, and creating memorable family moments. The good news is that there are accessible mortgages available with low rates, even for non-winterized or remote vacation properties. Whether you are looking for a lake cottage or a housing option near a college, you can find the best mortgage to suit your needs. However, it is important to note that the lending criteria for second or third homes are different than primary residences. While some vacation and secondary homes may qualify for a minimum down payment of 5% or 10%, certain categories will require a down payment of 20% or higher. Additionally, different types of cottages have different requirements, with some demanding a higher down payment and receiving higher interest rates. The mortgage options available also depend on whether the property is classified as year-round accessible or seasonal. To help with down payments, options such as mortgage refinancing, HELOC, or reverse mortgage can be incorporated. Fortunately, innovative tools are available in Canada to streamline the mortgage process and ensure accuracy. If you are interested, reach out for complete information and a quick mortgage pre-approval process.