The number of Canadians investing in vacation properties is on the rise. People are increasingly looking to purchase second homes for a variety of reasons, including relaxation, wealth-building, and creating special family moments. Fortunately, there are accessible mortgage options available for vacation properties, including those located in non-winterized or remote areas.

When it comes to financing a vacation property, it's important to understand that different lending criteria apply compared to primary residences. Depending on the type of property, such as a lake cottage or a college housing option, there are specific mortgage requirements that must be met. Some vacation and secondary homes may qualify for a minimum down payment of 5% or 10%, while others may require 20% or higher. These varying categories receive different treatment from lenders.

It's worth noting that different types of cottages also come with different requirements. Some may require a higher down payment and may receive higher interest rates. The availability of mortgage options will depend on whether the property is categorized as year-round accessible or seasonal.

For those interested in financing their vacation property, there are several options available to incorporate down payments. These include 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're interested in learning more or getting a quick mortgage pre-approval, reach out for complete information and assistance. It's important to explore all available options and find the best mortgage solution for your vacation property investment.