The number of Canadians investing in vacation properties is on the rise. Many individuals are choosing to invest in getaway homes for various reasons, including relaxation, wealth-building, and quality family time. Even non-winterized or remote locations are now easily accessible with mortgages offering low rates specifically for vacation properties. Whether you are looking for a lake cottage or a housing option for your college student, there are mortgage options available to suit your needs. It is important to note that different lending criteria apply to second or third homes compared to primary residences. Some vacation and secondary homes may qualify for a minimum down payment of 5% or 10%, while others may require 20% or higher. Cottages are categorized differently and receive different treatment from lenders, with certain types requiring higher down payments and receiving higher rates. The availability of mortgage options also depends on the property type, which is categorized as either year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. Canada offers innovative tools to streamline processes and ensure accuracy throughout the mortgage application process. For more information and a quick mortgage pre-approval process, reach out to a professional.