An increasing number of Canadians are choosing to invest in vacation properties as a means of relaxation, wealth-building, and creating memorable family moments. With accessible mortgages offering low rates, even for non-winterized or remote locations, it has become easier than ever to own a getaway home.

Whether you're looking for a lake cottage to escape to during the summer or a housing option near a college campus, there are various mortgage options available to suit your specific needs. However, it's important to note that the lending criteria for second or third homes differ from those of primary residences.

While some vacation and secondary homes may qualify for a minimum down payment of 5% or 10%, others, depending on their category, may require a higher down payment of 20% or more. These properties are categorized differently and receive different treatment from lenders. Additionally, different types of cottages have different requirements, with certain types necessitating a higher down payment and receiving higher interest rates.

The mortgage options you have access to also depend on the type of property you are interested in. Properties that are categorized as year-round accessible or seasonal will have different mortgage options available.

If you're considering purchasing a vacation property but don't have enough funds for a down payment, there are options to incorporate the down payment through mortgage refinancing, a Home Equity Line of Credit (HELOC), or even a reverse mortgage.

In Canada, there are innovative tools and resources available to streamline the mortgage process and ensure accuracy. If you require complete information and a quick mortgage pre-approval process, don't hesitate to reach out for assistance.