The number of Canadians investing in vacation properties is on the rise. Many individuals are choosing to invest in a getaway home for the benefits of relaxation, wealth-building, and quality family moments. The good news is that accessible mortgages with low interest rates are available even for non-winterized or remote vacation properties. 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 may only require a minimum down payment of 5% or 10%, others may require 20% or more. The categorization of these properties plays a role in determining the down payment and lender treatment. Additionally, different requirements and rates apply to different types of cottages. Mortgage options also vary depending on whether the property is categorized as year-round accessible or seasonal. To help with financing, down payments can be incorporated through methods such as mortgage refinancing, HELOC (home equity line of credit), or reverse mortgage. Innovative tools are available in Canada to streamline the mortgage process and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out to a mortgage professional.