There is a growing trend among Canadians to invest in vacation properties for various reasons such as relaxation, wealth-building, and creating family memories. Fortunately, there are accessible mortgages available with low rates specifically tailored for vacation properties, even if they are non-winterized or located in remote areas. Whether you are looking for a lake cottage or a housing option near a college, it is important to note that different lending criteria apply to second or third homes compared to primary residences. Some vacation and secondary homes may qualify for a down payment as low as 5% or 10%, while others may require 20% or more. Each type of property is categorized differently by lenders, which affects the down payment requirements and interest rates. Additionally, the mortgage options available depend on whether the property is year-round accessible or seasonal. To help you navigate through these options, Canada provides innovative tools for a streamlined and accurate mortgage process. For complete information and a quick mortgage pre-approval, reach out to learn more.