The number of Canadians investing in vacation properties is on the rise. Many individuals are recognizing the benefits of owning a getaway home for various reasons such as relaxation, wealth-building, and creating special family moments. Fortunately, mortgages for vacation properties are now more accessible and come with low rates, even for non-winterized or remote locations.

Whether you are looking to purchase a cozy lake cottage or a housing option near a college, there are mortgage options available to suit your needs. However, it is important to note that different lending criteria apply to second or third homes compared to primary residences. This means that the requirements and treatment from lenders will vary.

When it comes to down payments, some vacation and secondary homes may qualify for a minimum of 5% or 10% down payment. However, certain categories of vacation and secondary homes will 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 also have varying requirements, with some requiring a higher down payment and receiving higher interest rates.

The availability of mortgage options will depend on the type of property you are interested in, whether it is categorized as year-round accessible or seasonal. It is worth noting that there are innovative tools available in Canada that can assist with streamlining the mortgage process and ensuring accuracy.

If you are in need of more information or are interested in a quick mortgage pre-approval process, it is recommended to reach out to a mortgage professional who can provide you with complete information and guidance. With the right expertise and resources, you can make your dream of owning a vacation property a reality.