A growing number of Canadians are choosing to invest in vacation properties for various reasons including relaxation, wealth-building, and creating memorable family moments. Fortunately, there are accessible mortgages available with low interest rates, even for non-winterized or remote locations. Whether you are looking for a lake cottage or a housing option near a college, there are options to find the best mortgage for your needs. It is important to note that different lending criteria apply to second or third homes compared to primary residences. Some vacation and secondary homes may qualify for a minimum down payment of 5% or 10%, while others may require 20% or more. Each type of property is categorized differently and receives different treatment from lenders. For example, certain types of cottages may require a higher down payment and have higher interest rates. Additionally, mortgage options depend on whether the property is year-round accessible or seasonal. If you already own a property, you can also incorporate a down payment through mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. Take advantage of the innovative tools available in Canada to streamline processes and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out today.