The number of Canadians investing in vacation properties is on the rise. Many people are looking to invest in a second home for various reasons such as relaxation, wealth-building, and creating cherished family moments. Thankfully, obtaining a mortgage for a vacation property has become more accessible, with low rates even available for non-winterized or remote locations.

When it comes to finding the best mortgage for a vacation property, different lending criteria apply compared to primary residences. Depending on the type of property, such as a lake cottage or college housing option, different down payment percentages will be required. While some vacation and secondary homes may qualify for a minimum down payment of 5% or 10%, certain categories of vacation and secondary homes will require 20% or more. These homes are categorized differently and receive different treatment from lenders.

Moreover, there are varying requirements for different types of cottages. Some types of cottages may necessitate a higher down payment and incur higher interest rates. The availability of mortgage options also depends on the property type, categorizing them as either year-round accessible or seasonal.

To assist with down payments, various methods can be utilized such as mortgage refinancing, Home Equity Line of Credit (HELOC), or even a reverse mortgage. Innovative tools are available in Canada to streamline the mortgage process and ensure accuracy.

For complete information and a quick mortgage pre-approval process, individuals looking to invest in a vacation property should reach out to obtain the necessary details. With the increasing number of Canadians investing in vacation properties, it is important to explore mortgage options and find the best fit for each individual's specific needs and desires.