The number of Canadians investing in vacation properties is on the rise. People are looking to invest in getaway homes for various purposes such as relaxation, wealth-building, and family moments. The good news is that mortgages with low rates are readily available for vacation properties, even those that are non-winterized or located remotely. Whether you're looking for a lake cottage or a college housing option, there are mortgage options to suit 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 qualify for a minimum down payment of 5% or 10%, certain categories may require 20% or more. Different types of cottages also have specific requirements, with some needing a higher down payment and attracting higher rates. The availability of mortgage options depends on whether the property is categorized as year-round accessible or seasonal. When it comes to down payments, they can be incorporated through mortgage refinancing, a home equity line of credit (HELOC), or even a reverse mortgage. Fortunately, there are innovative tools in Canada that can make the mortgage process streamlined and accurate. For more information and a quick mortgage pre-approval process, don't hesitate to reach out.