The number of Canadians investing in vacation properties is on the rise. This is due to the various benefits that come with owning a getaway home, such as relaxation, wealth-building, and creating special moments with family. Mortgages for vacation properties are now more accessible, even for non-winterized or remote locations, with low interest rates. Whether you are looking to purchase a lake cottage or a housing option for college, you can find the best mortgage to suit your needs. It is important to note that different lending criteria apply to second or third homes compared to primary residences. Depending on the categorization of the vacation or secondary home, the down payment requirements can range from a minimum of 5% or 10% to 20% or higher. Additionally, different types of cottages have different down payment requirements and receive different interest rates. The mortgage options available to you will also depend on whether the property is categorized as year-round accessible or seasonal. To make the process easier, you can incorporate down payments through mortgage refinancing, a Home Equity Line of Credit (HELOC), or a reverse mortgage. Innovative tools in Canada can help streamline the mortgage process and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out to us.