The number of Canadians investing in vacation properties is on the rise, as more and more people recognize the benefits of owning a getaway home. These properties offer relaxation, the potential for wealth-building, and precious family moments. What's more, accessing mortgages for vacation properties has become easier, with low interest rates available even for non-winterized or remote locations. Whether you're looking for a lake cottage or a housing option near a college, there are mortgage options to suit your needs. However, it's important to note that lending criteria for second or third homes differ from those for primary residences. Depending on the category, some vacation and secondary homes may require a down payment of at least 5% or 10%, while others may require 20% or more. Different types of cottages also have varying requirements and may receive higher rates. The availability of mortgage options depends on whether the property is classified as year-round accessible or seasonal. If you're looking to incorporate your down payment, there are options such as mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. Fortunately, Canada offers innovative tools that streamline the mortgage process and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out to us today.