More and more Canadians are choosing to invest in vacation properties for various reasons, including relaxation, wealth-building, and quality family time. Fortunately, there are accessible mortgages available with low rates even for non-winterized or remote vacation properties. Whether you are looking for a lake cottage getaway or a housing option near a college, you can find the best mortgage to suit your needs. However, it's important to note that lending criteria differ for second or third homes compared to primary residences. Depending on the category of your vacation or secondary home, the down payment required can be as low as 5% or 10%, or as high as 20% or more. Cottages also have different requirements, with certain types requiring a higher down payment and receiving higher interest rates. The type of mortgage options available will depend on whether the property is categorized as year-round accessible or seasonal. And if you need assistance with down payments, you can consider incorporating them through mortgage refinancing, a Home Equity Line of Credit (HELOC), or even a reverse mortgage. To simplify the process and ensure accuracy, there are innovative tools available in Canada. If you want more information or a quick mortgage pre-approval process, don't hesitate to reach out.