The number of Canadians investing in vacation properties is on the rise. People are choosing to invest in getaway homes for a variety of reasons, including relaxation, wealth-building, and quality family time. The good news is that there are accessible mortgage options available for vacation properties, even if they are non-winterized or located in remote areas. Whether you're looking for a lake cottage or a place for your college-aged children to live, there are mortgages tailored to suit your needs. It's important to note that lending criteria may differ for second or third homes compared to primary residences. While some vacation and secondary homes may only require a minimum down payment of 5% or 10%, others may require 20% or more. Different types of cottages also have different requirements, with certain types requiring higher down payments and receiving higher interest rates. Mortgage options will also depend on whether the property is categorized as year-round accessible or seasonal. Down payments can be incorporated through methods such as mortgage refinancing, home equity lines of credit (HELOC), or reverse mortgages. In Canada, there are innovative tools available to streamline the mortgage process and ensure accuracy. For complete information and a quick mortgage pre-approval process, reach out for assistance.