The number of Canadians investing in vacation properties is on the rise. People are choosing to invest in getaway homes for various reasons like relaxation, wealth-building, and spending quality time with their families. Additionally, accessible mortgages with low interest rates are available for vacation properties, including those that are non-winterized or located in remote areas. Whether you are looking for a lake cottage or a housing option for college, you can find the best mortgage to suit your needs. However, it's crucial to understand that there are different lending criteria for second or third homes compared to primary residences. Depending on the category of the vacation or secondary home, the required down payment can range from a minimum of 5% or 10% to 20% or higher. Different types of cottages also have varying requirements, with some needing a higher down payment and attracting higher interest rates. The mortgage options you have will depend on whether the property is categorized as year-round accessible or seasonal. If needed, you can incorporate your down payment through mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. Canada offers innovative tools that can streamline the mortgage process and ensure accuracy. If you want to learn more or go through a quick mortgage pre-approval process, reach out for complete information.