The number of Canadians investing in vacation properties is on the rise. These properties offer a chance for relaxation, wealth-building, and memorable family moments. Accessibility to mortgages with low rates for vacation properties, even those that are non-winterized or located in remote areas, is becoming increasingly available. Whether you're looking for a lake cottage or a housing option for college, you can find the best mortgage to suit your needs. It's important to note that lending criteria for second or third homes differ from those for primary residences. Some vacation and secondary homes may qualify for a minimum down payment of 5% or 10%, while others may require 20% or more. These homes are categorized differently and receive different treatment from lenders. Different types of cottages have varying requirements, with some demanding higher down payments and receiving higher interest rates. Mortgage options are based on property type, which is classified as either year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, a HELOC, or a reverse mortgage. Take advantage of Canada's innovative tools for streamlined processes and accuracy. For more information and a quick mortgage pre-approval process, reach out today.