An increasing number of Canadians are choosing to invest in vacation properties for the purpose of relaxation, building wealth, and creating memorable family moments. Thankfully, there are accessible mortgages available with low interest rates, even for non-winterized or remote locations. Whether you're looking for a lake cottage or a housing option for your college-aged child, 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. While some vacation and secondary homes may qualify for a minimum down payment of 5% or 10%, others may require 20% or more. These properties are categorized differently and receive different treatment from lenders. Additionally, there are specific requirements for different types of cottages, with some necessitating a higher down payment and receiving higher interest rates. The availability of mortgage options depends on the property type, categorized as either year-round accessible or seasonal. If you're looking to incorporate your down payment into your mortgage, you have the option to do so through mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. Take advantage of innovative tools available in Canada that streamline processes and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out today.