The number of Canadians investing in vacation properties is on the rise. People are choosing to invest in these properties for relaxation, to build wealth, and to create memorable family moments. Vacation properties are becoming more accessible through mortgages with low interest rates, even in remote or non-winterized locations. Whether it's a lake cottage or a housing option for college, there are various mortgage options available to find the best fit. However, it's important to note that different lending criteria apply to second or third homes compared to primary residences. While some vacation and secondary homes may only require a minimum of 5% or 10% down payment, others may require 20% or more. Different types of cottages have different requirements, with some types requiring higher down payments and receiving higher interest rates. The availability of mortgage options also depends on the property type, whether it is year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. 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 to a mortgage professional.