The number of Canadians investing in vacation properties is on the rise. Many people are recognizing the benefits of owning a getaway home for various reasons such as relaxation, building wealth, and creating lasting family moments.

One of the advantages of investing in a vacation property is the availability of accessible mortgages with low rates. Even if the property is non-winterized or located in a remote area, Canadians can still find mortgage options to suit their needs. Whether you're looking for a lake cottage to escape to during the summer or a housing option for your college-aged child, there are mortgages available for different purposes.

It's important to note that lending criteria for second or third homes are different compared to primary residences. Depending on the type of vacation or secondary home, the down payment requirements may vary. Certain categories of vacation and secondary homes may require a minimum down payment of 5% or 10%, while others may require 20% or more. These properties are categorized differently and lenders apply different treatment to them.

Furthermore, the requirements for different types of cottages also vary. Some types of cottages may require a higher down payment and may receive higher interest rates. The mortgage options available will depend on the type of property, whether it 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 even a reverse mortgage. These innovative tools are available in Canada to streamline the mortgage process and ensure accuracy.

To obtain complete information and start the mortgage pre-approval process quickly, reach out for assistance. Accessing the right information and finding the best mortgage for your vacation property can help make your dream of owning a getaway home a reality.