The number of Canadians investing in vacation properties is on the rise. Many individuals are looking to purchase a getaway home for a variety of reasons, including relaxation, wealth-building, and creating memorable moments with their families. The good news is that mortgages for vacation properties are readily available with low interest rates, even for properties that may not be winterized or located in remote areas. Whether you're looking for a lake cottage or considering a housing option for college, there are different mortgage options available to suit your needs. However, it's important to keep in mind that lending criteria for second or third homes differ from those of primary residences. Depending on the category of vacation or secondary home, the required down payment can range from 5% to 20% or higher. The specific requirements and rates also vary depending on the type of cottage, whether it is year-round accessible or seasonal. Fortunately, there are innovative tools available in Canada to streamline the mortgage process and ensure accuracy. For complete information and a quick mortgage pre-approval process, reach out to our team.