An increasing number of Canadians are choosing to invest in vacation properties for a variety of reasons, including relaxation, wealth-building, and quality family time. Thankfully, there are accessible mortgages available with low rates specifically designed for vacation properties, even those that are non-winterized or located in remote areas. Whether you're looking for a lake cottage or a housing option for your college student, you can find the best mortgage that suits your needs. It's important to note that 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%, certain categories will require 20% or more. Furthermore, the type of cottage you choose will also affect the down payment requirements and interest rates. Mortgage options will also depend on whether the property is categorized as year-round accessible or seasonal. To assist with down payments, you can explore options such as mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. Canada offers innovative tools that can streamline the mortgage process and ensure accuracy. If you're interested, reach out for complete information and a quick mortgage pre-approval.