An increasing number of Canadians are choosing to invest in vacation properties for various reasons, such as relaxation, wealth-building, and creating family memories. These properties are becoming more accessible through mortgages with low rates, even for non-winterized or remote locations. Whether you are looking for a lake cottage or a college housing option, there are mortgage options available to suit your needs. However, 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 more. Different types of cottages also have different down payment requirements and interest rates. The availability of mortgage options depends on whether the property is categorized as year-round accessible or seasonal. Additionally, down payments can be incorporated through mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. In Canada, there are innovative tools available to streamline the mortgage process and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out to a mortgage provider.