An increasing number of Canadians are choosing to invest in vacation properties for various reasons such as relaxation, wealth-building, and quality family time. Fortunately, there are accessible mortgages available at low rates for vacation properties, even those located in non-winterized or remote areas. Whether you are looking for a lake cottage or a housing option near a college, you can find the best mortgage that suits your needs. However, it is 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 minimum down payment of 5% or 10%, certain categories will require a higher down payment of 20% or more. These properties are categorized differently and receive different treatment from lenders. Furthermore, different types of cottages also have different requirements, with some necessitating higher down payments and receiving higher mortgage rates. The availability of mortgage options depends on the categorization of the property as year-round accessible or seasonal. If you are interested in incorporating down payments into your mortgage, there are options such as mortgage refinancing, HELOC, or reverse mortgage. To make the process easier and more accurate, there are innovative tools available in Canada. For more information and a quick mortgage pre-approval process, feel free to reach out.