The number of Canadians investing in vacation properties is on the rise. Many people are looking to invest in a getaway home for the purpose of relaxation, wealth-building, and creating memorable family moments. The good news is that mortgages with low rates are now more accessible for vacation properties, even if they are non-winterized or located in remote areas. Whether you are looking for a lake cottage or a housing option for your college-aged child, you can find the best mortgage to suit your needs. It's important to note that lending criteria for second or third homes differ from those for primary residences. The down payment requirements also vary depending on the type of vacation or secondary home you are interested in. Some properties may qualify for a down payment as low as 5% or 10%, while others will require 20% or more. Additionally, different types of cottages have different requirements, with some requiring a higher down payment and receiving higher interest rates. The mortgage options available to you will also depend on whether the property is categorized as year-round accessible or seasonal. If you need help with financing, there are innovative tools available in Canada to streamline the process and ensure accuracy. Feel free to reach out for more information and a quick mortgage pre-approval process.