The number of Canadians investing in vacation properties is on the rise. These properties serve as a getaway for relaxation, wealth-building, and family moments. The good news is that accessible mortgages with low rates are available for vacation properties, including those that are non-winterized or in remote locations. Whether you are interested in a lake cottage or a housing option for college, you can find the best mortgage to suit your needs. However, it's important to note that lending criteria for second or third homes differ from those for primary residences. Depending on the property type, different down payment requirements and interest rates apply. Certain categories of vacation and secondary homes may require a minimum down payment of 5% or 10%, while others may require 20% or more. It's essential to understand the different requirements for each type of cottage, as some may have higher down payment requirements and receive higher rates. When it comes to mortgage options, they depend on whether the property is categorized as year-round accessible or seasonal. If you are considering purchasing a vacation property, you have the option to incorporate down payments through mortgage refinancing, HELOC, or reverse mortgage. In Canada, there are innovative tools available to streamline processes and ensure accuracy. For more detailed information and a quick mortgage pre-approval process, reach out to our team.