The number of Canadians investing in vacation properties is on the rise. Many are looking to invest in a getaway home for various reasons such as relaxation, wealth-building, and creating memorable family moments. Fortunately, there are accessible mortgages available with low rates specifically tailored for vacation properties, even if they are non-winterized or located in remote areas. Whether you're looking for a lake cottage or a housing option for your college years, you can find the best mortgage to suit your needs. However, it's important to note that the lending criteria for second or third homes differ from primary residences. While some vacation and secondary homes may qualify for a minimum 5% or 10% down payment, others, depending on their categorization, may require a 20% or higher down payment. Different types of cottages also have different requirements and may receive different treatment from lenders. The availability of mortgage options will also depend on whether the property is categorized as year-round accessible or seasonal. For those in need of down payment assistance, options such as mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage can be explored. To make the process even easier, there are innovative tools available in Canada that streamline the mortgage application process and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out to us.