The number of Canadians investing in vacation properties is on the rise. People are looking to invest in getaway homes for the purpose of relaxation, wealth-building, and creating family memories. Fortunately, mortgages with low rates are readily available for vacation properties, including those that are non-winterized or located in remote areas. Whether you are in search of a lake cottage or a housing option for your college-aged children, there are mortgage options tailored to your needs. It is important to note that the lending criteria for second or third homes differ from those for primary residences. While some vacation and secondary homes may qualify for a minimum down payment of 5% or 10%, certain categories may require a higher down payment of 20% or more. Different types of cottages also have varying requirements, with some necessitating a higher down payment and receiving higher interest rates. The mortgage options available depend on the property type, classified as either year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, a HELOC, or a reverse mortgage. To simplify the process and ensure accuracy, Canadians can take advantage of innovative tools specifically designed for mortgage purposes. For more information and a quick mortgage pre-approval process, reach out to a trusted source.