The number of Canadians investing in vacation properties is on the rise. Many individuals are choosing to invest in getaway homes for the purposes of relaxation, building wealth, and creating lasting family moments. The availability of accessible mortgages with low rates for vacation properties has made it easier to purchase properties in even non-winterized or remote locations. Whether you're looking for a lake cottage or a housing option for your college-aged child, there are mortgage options available to suit various purposes. 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%, certain categories of vacation and secondary homes will require a down payment of 20% or higher. These homes are categorized differently and receive different treatment from lenders. Additionally, different requirements and rates apply to different types of cottages, with certain types requiring a higher down payment. The availability of mortgage options also depends on the property type, whether it is categorized as year-round accessible or seasonal. Those interested in purchasing a vacation property can incorporate their down payments through mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. Innovative tools are available in Canada to streamline the mortgage process and ensure accuracy. For complete information and a quick mortgage pre-approval process, individuals are encouraged to reach out for assistance.