The number of Canadians investing in vacation properties is increasing. People are choosing to invest in getaway homes for relaxation, building wealth, and creating family memories. Even non-winterized or remote locations are now accessible thanks to mortgages with low rates specifically designed for vacation properties. Whether you are looking for a lake cottage or a housing option for college, there is a perfect mortgage for your needs. It's important to note that lending criteria for second or third homes differ from primary residences. While some vacation and secondary homes may only require a 5% or 10% down payment, others may require 20% or more. Different types of cottages also have varying down payment requirements and interest rates. The mortgage options available depend on whether the property is year-round accessible or seasonal. Down payments can be incorporated using methods such as mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. Canada offers innovative tools to streamline processes and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out today.