The number of Canadians investing in vacation properties is on the rise. People are purchasing getaway homes for various reasons including relaxation, wealth-building, and creating memorable family moments. Vacation properties, even those in non-winterized or remote locations, now have accessible mortgages with low interest rates. Whether it's a lake cottage or a housing option for college, there are mortgage options available to suit various purposes. However, it's important to note that lending criteria for second or third homes differ from 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. Different types of cottages also have different requirements, with certain types necessitating a higher down payment and receiving higher interest rates. Mortgage options also depend on whether the property is categorized as year-round accessible or seasonal. Down payments can be incorporated through various methods such as mortgage refinancing, HELOC, or reverse mortgage. In Canada, there are innovative tools available to streamline processes and ensure accuracy. For complete information and a quick mortgage pre-approval process, reach out to the appropriate channels.