The number of Canadians investing in vacation properties is on the rise. People are opting to invest in a getaway home for various reasons including relaxation, building wealth, and creating family moments. What's even more appealing is that there are accessible mortgages available with low interest rates, even for non-winterized or remote locations. Whether you're looking for a lake cottage or a housing option near a college, you can find the best mortgage to suit your needs. It's important to note that different lending criteria apply to second or third homes compared to primary residences. Some vacation and secondary homes can qualify for a minimum down payment of 5% or 10%, while others may require 20% or more. These homes are categorized differently and receive different treatment from lenders. Furthermore, different types of cottages have different requirements, with some requiring a higher down payment and receiving higher rates. The availability of mortgage options also depends on whether the property is classified as year-round accessible or seasonal. If you're considering purchasing a vacation property, you can incorporate down payments through mortgage refinancing, a Home Equity Line of Credit (HELOC), or even a reverse mortgage. There are innovative tools available in Canada that streamline processes and ensure accuracy. For complete information and a quick mortgage pre-approval process, don't hesitate to reach out.