An increasing 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 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 require a minimum down payment of 5% or 10%, others may require 20% or higher, as they are categorized differently by lenders. Additionally, different requirements and rates apply to different types of cottages, depending on whether they are considered year-round accessible or seasonal properties. If you're looking to incorporate down payments into your mortgage, options such as mortgage refinancing, HELOC, or even a reverse mortgage may be available. Take advantage of Canada's innovative tools for a streamlined and accurate mortgage process, and don't hesitate to reach out for complete information and a quick mortgage pre-approval process.