An increasing number of Canadians are choosing to invest in vacation properties. These properties offer benefits such as relaxation, wealth-building, and quality family time. What's more, there are accessible mortgages available with low rates specifically tailored 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 college, 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 might qualify for a minimum down payment of 5% or 10%, certain categories of vacation and secondary homes will require a higher down payment of 20% or more. Furthermore, these properties are categorized differently and receive different treatment from lenders. Specific types of cottages may also require a higher down payment and receive higher interest rates. Mortgage options will vary depending on whether the property is considered year-round accessible or seasonal. Should you require additional funds for your down payment, it is possible to incorporate this through mortgage refinancing, a Home Equity Line of Credit (HELOC), or even a reverse mortgage. Take advantage of innovative tools available in Canada to streamline the mortgage application process and ensure accuracy. To learn more and initiate a quick mortgage pre-approval process, reach out for complete information.