An increasing number of Canadians are choosing to invest in vacation properties for various reasons such as relaxation, wealth-building, and family moments. Thankfully, there are accessible mortgages with low rates available for these properties, even if they are non-winterized or located in remote areas. Whether you're looking for a lake cottage or a college housing option, you can find the best mortgage to suit your needs. 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 5% or 10% down payment, certain categories will require a higher down payment of 20% or more. These properties are categorized differently and receive different treatment from lenders. Additionally, different requirements and rates apply to different types of cottages, with some requiring a higher down payment. The availability of mortgage options also depends on whether the property is categorized as year-round accessible or seasonal. Luckily, there are innovative tools available in Canada to streamline the mortgage process and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out today.