A growing number of Canadians are choosing to invest in vacation properties for various reasons, including relaxation, wealth-building, and creating lasting family memories. Fortunately, there are accessible mortgages available with low interest rates for vacation properties, even those that are non-winterized or located in remote areas. Whether you are looking to purchase a lake cottage or provide a housing option for your college-bound child, there are different lending criteria for second or third homes compared to primary residences. Depending on the type of vacation or secondary home, a minimum down payment of 5% or 10% may be required, while others may require 20% or more. These properties are categorized differently by lenders and receive different treatment. Additionally, the requirements for different types of cottages vary, with certain types requiring higher down payments and receiving higher interest rates. Mortgage options will also depend on whether the property is categorized as year-round accessible or seasonal. To help facilitate the process, there are innovative tools available in Canada that offer streamlined processes and accuracy. For complete information and a quick mortgage pre-approval process, feel free to reach out.