A growing number of Canadians are choosing to invest in vacation properties, whether for relaxation, wealth-building, or family moments. Fortunately, there are accessible mortgages available with low rates for vacation properties, even those that are non-winterized or in remote locations. Whether you're looking for a lake cottage or a housing option for college, you can find the best mortgage to suit your purposes. 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 only require 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, with certain types of cottages requiring higher down payments and receiving higher rates. The availability of mortgage options also depends on the property type, which can be categorized as year-round accessible or seasonal. Additionally, there are options to incorporate down payments through mortgage refinancing, HELOC, or reverse mortgage. To ensure a smooth and accurate process, innovative tools are available in Canada. For complete information and a quick mortgage pre-approval process, reach out to us.