The number of Canadians investing in vacation properties is on the rise. Whether it be for relaxation, building wealth, or creating family memories, more and more people are choosing to invest in getaway homes. What's more, mortgages for these vacation properties are now more accessible, with low interest rates available for even non-winterized or remote locations. Whether you're looking for a lake cottage or a housing option for college, there are various mortgage options 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 can qualify for a minimum down payment of 5% or 10%, others may require 20% or higher. These properties are categorized differently and receive different treatment from lenders. Additionally, the requirements for different types of cottages can vary, with some types requiring a higher down payment and receiving higher interest rates. Mortgage options also depend on whether the property is categorized as year-round accessible or seasonal. If you're looking to finance your vacation property, you have the option to incorporate your down payment through methods such as mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. Luckily, in Canada, there are innovative tools available to streamline the mortgage process and ensure accuracy. For complete information and a quick mortgage pre-approval process, don't hesitate to reach out.