A growing number of Canadians are choosing to invest in vacation properties for various reasons including relaxation, wealth-building, and creating special moments with their families. It is now more accessible to obtain mortgages with low rates for vacation properties, even in non-winterized or remote locations. Whether it is a lake cottage or a college housing option, there are mortgage options available to suit different purposes. However, it is important to note that lending criteria for second or third homes differ from primary residences. While some vacation and secondary homes may qualify for a minimum down payment of 5% or 10%, others may require 20% or higher. Different types of cottages may also have varying down payment requirements and interest rates. The availability of mortgage options depends on whether the property is year-round accessible or seasonal. In addition, down payments can be incorporated through mortgage refinancing, HELOC, or reverse mortgage. Thankfully, in Canada, there are innovative tools available to streamline processes and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out to the appropriate sources.