The number of Canadians investing in vacation properties is on the rise. People are choosing to invest in getaway homes for various reasons such as relaxation, building wealth, and creating lasting family moments. In addition, there are accessible mortgages available at low rates for vacation properties, including those that are non-winterized or located in remote areas. Whether you are looking for a lake cottage or a housing option for college, you can find the best mortgage for your needs. However, it is important to note that different lending criteria apply to second or third homes compared to primary residences. While some vacation and secondary homes may qualify for a minimum down payment of 5% or 10%, certain categories of these properties will require a down payment of 20% or higher. Different types of cottages also have varying requirements in terms of down payment and interest rates. The mortgage options available depend on the type of property, whether it is categorized as year-round accessible or seasonal. Furthermore, it is possible to incorporate down payments through mortgage refinancing, a home equity line of credit (HELOC), or even a reverse mortgage. Canadians have access to innovative tools that make the mortgage process streamlined and accurate. For complete information and a quick mortgage pre-approval process, reach out to the appropriate resources.