The number of Canadians investing in vacation properties is on the rise. These properties serve as a getaway for relaxation, wealth-building, and family moments. What's more, accessible mortgages with low rates are available for these vacation properties, even if they are non-winterized or located in remote areas. Whether you're 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 lending criteria for second or third homes differ from primary residences. Depending on the type of vacation or secondary home, the down payment requirements can range from a minimum of 5% or 10% to as high as 20% or more. Different types of cottages also come with different down payment requirements and interest rates. The mortgage options available to you will depend on whether the property is categorized as year-round accessible or seasonal. Additionally, you can incorporate your down payment through mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. To make the process easier and more accurate, innovative tools are available in Canada. For complete information and a quick mortgage pre-approval process, reach out today.