There has been a notable increase in the number of Canadians who are investing in vacation properties. These properties serve as not only a place for relaxation, but also as a means for building wealth and creating memorable family moments. What's more, obtaining mortgages for these vacation properties has become more accessible, even for non-winterized or remote locations, thanks to low interest rates. Whether you're looking for a lake cottage or a housing option for your college years, there are different mortgage options available to suit your needs. However, it's important to note that lending criteria for second or third homes differ from those for primary residences. Down payment requirements also vary depending on the type of vacation property, with some requiring a minimum of 5% or 10%, while others may demand 20% or more. Different cottage types also have specific down payment requirements and may receive higher interest rates. Mortgage options are based on the property type, which can be 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, HELOC, or reverse mortgage. Canada provides innovative tools that streamline the mortgage process and ensure accuracy. For complete information and a quick mortgage pre-approval process, reach out for assistance.