An increasing number of Canadians are choosing to invest in vacation properties. These properties offer a range of benefits including relaxation, wealth-building opportunities, and quality family moments. Even non-winterized or remote locations are now accessible with mortgages that have low interest rates. Whether you're looking for a lake cottage or a housing option for college, you can find the best mortgage to suit your needs. However, it's important to note that different lending criteria apply to second or third homes compared to primary residences. Depending on the category of vacation or secondary home, the down payment requirements can range from a minimum of 5% or 10% to 20% or higher. The type of cottage also affects the down payment and interest rates. It's important to consider the property type, whether it's year-round accessible or seasonal, when exploring mortgage options. With innovative tools available in Canada, the mortgage process has become streamlined and more accurate. For comprehensive information and a quick pre-approval process, reach out for more details.