An increasing number of Canadians are choosing to invest in vacation properties for various reasons such as relaxation, wealth-building, and quality time with family. What's more, it is now possible to obtain accessible mortgages with low rates even for non-winterized or remote vacation properties. Whether you are seeking a lake cottage or a housing option for college, it is important to note that different lending criteria apply to secondary homes compared to primary residences. While some vacation and secondary homes may qualify for a minimum down payment of 5% or 10%, certain categories of these properties will require a down payment of 20% or higher due to their unique categorization and treatment by lenders. Moreover, the requirements and rates for different types of cottages also vary. The mortgage options available depend on whether the property is categorized as year-round accessible or seasonal. To help with down payments, there are various options such as mortgage refinancing, HELOC, or reverse mortgage. Fortunately, there are innovative tools available in Canada to facilitate a streamlined and accurate mortgage process. For complete information and a quick mortgage pre-approval process, don't hesitate to reach out for assistance.