An increasing number of Canadians are choosing to invest in vacation properties due to the benefits they offer. These properties not only provide a space for relaxation and family moments but also serve as a wealth-building opportunity. The good news is that there are accessible mortgages available at low rates, even for non-winterized or remote locations. Whether you're looking for a lake cottage or a housing option for college, there are various mortgage options to cater to your needs. However, it's important to note that second or third homes have different lending criteria compared to primary residences. While some vacation and secondary homes can be purchased with a minimum down payment of 5% or 10%, certain categories may require a higher down payment of 20% or more, as they are categorized differently and receive different treatment from lenders. Additionally, different types of cottages have different requirements, with some requiring a higher down payment and receiving higher rates. Mortgage options also depend on the property type, whether it is categorized as year-round accessible or seasonal. If you're looking to incorporate down payments, you have the options of mortgage refinancing, HELOC, or even a reverse mortgage. Fortunately, Canada offers innovative tools that simplify and ensure accuracy throughout the mortgage process. For more information and a quick mortgage pre-approval process, don't hesitate to reach out.