The number of Canadians investing in vacation properties is on the rise. People are choosing to invest in getaway homes for reasons such as relaxation, building wealth, and creating special moments with family. The good news is that mortgages for vacation properties are easily accessible, even for non-winterized or remote locations, and they come with low interest rates. 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 require a minimum down payment of 5% or 10%, others will require 20% or more. These properties are categorized differently and are treated differently by lenders. Moreover, different types of cottages have different requirements, with certain types requiring higher down payments and receiving higher interest rates. Mortgage options will depend on whether the property is categorized as year-round accessible or seasonal. If you're looking to incorporate your down payment into your mortgage, there are options such as mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. In Canada, there are innovative tools available to streamline the mortgage process and ensure accuracy. If you would like more information or to go through a quick mortgage pre-approval process, reach out to us.