There is a growing trend among Canadians to invest in vacation properties, whether it be for relaxation, wealth-building, or quality time with family. The good news is that there are accessible mortgages available with low rates, even for non-winterized or remote locations. This means that you can find the perfect mortgage for various purposes, whether it's a lake cottage or a housing option near a college. It's important to note that lending criteria for second or third homes differ from primary residences. While some vacation and secondary homes may qualify for a minimum down payment of 5% or 10%, others may require a higher down payment of 20% or more. Different types of cottages also have different requirements, with certain types requiring higher down payments and receiving higher rates. The availability of mortgage options will depend on whether the property is year-round accessible or seasonal. Furthermore, down payments can be incorporated through various means such as mortgage refinancing, HELOC, or reverse mortgage. Thankfully, there are innovative tools available in Canada to streamline the mortgage process and ensure accuracy. For complete information and a quick mortgage pre-approval process, feel free to reach out.