The number of Canadians investing in vacation properties is on the rise. Many people are choosing to invest in a getaway home for reasons such as relaxation, wealth-building, and creating family moments. Mortgages for vacation properties are becoming more accessible with low interest rates, even for properties that are not winterized or located in remote areas. Whether you are looking for a lake cottage or a housing option for college, there are mortgage options available to suit your needs. It is important to note that different lending criteria apply to second or third homes compared to primary residences. Depending on the category of vacation or secondary home, the down payment required can range from a minimum of 5% or 10% to 20% or higher. Different types of cottages also have varying down payment requirements and interest rates. The mortgage options available depend on the type of property, such as year-round accessible or seasonal. Down payments can be incorporated through 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. For complete information and a quick mortgage pre-approval process, reach out for assistance.