A growing trend among Canadians is investing in vacation properties for various reasons such as relaxation, wealth-building, and creating family memories. One of the benefits of investing in a getaway home is that there are accessible mortgages available with low rates, even in non-winterized or remote locations. Whether you are looking to purchase a lake cottage for relaxation or a property for college housing, there are mortgage options to suit your needs.

When it comes to financing a second or third home, different lending criteria apply compared to primary residences. Vacation and secondary homes are categorized differently and may require a minimum down payment of 5% or 10%, while certain properties may need a down payment of 20% or higher. It is important to understand the requirements for different types of cottages as some may require a higher down payment and have higher interest rates.

The type of mortgage options available will depend on the property type, whether it is categorized as year-round accessible or seasonal. Additionally, down payments can be incorporated through various methods such as mortgage refinancing, Home Equity Line of Credit (HELOC), or even a reverse mortgage. In Canada, there are innovative tools available to streamline the mortgage process and ensure accuracy in your application.

For those interested in investing in vacation properties, it is recommended to reach out for complete information and a quick mortgage pre-approval process. By exploring the various mortgage options available and understanding the lending criteria for different types of properties, you can make an informed decision when purchasing a vacation home.