A growing number of Canadians are choosing to invest in vacation properties for various reasons such as relaxation, wealth-building, and creating memorable family moments. Fortunately, there are accessible mortgages available with low rates even for non-winterized or 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 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 only require a minimum of 5% or 10% down payment, certain categories will require 20% or higher. These properties are categorized differently and receive different treatment from lenders. Furthermore, different types of cottages also have varying requirements, with some needing a higher down payment and receiving higher rates. The availability of mortgage options depends on the property type, whether it is year-round accessible or seasonal. If needed, down payments can be incorporated through mortgage refinancing, HELOC, or reverse mortgage. Thankfully, Canada offers innovative tools that help streamline processes and ensure accuracy. For complete information and a quick mortgage pre-approval process, don't hesitate to reach out.