The number of Canadians investing in vacation properties is on the rise. Many people are realizing the benefits of owning a getaway home, such as relaxation, wealth-building, and creating lasting family memories.

Fortunately, there are accessible mortgage options available with low rates specifically designed for vacation properties, even if they are non-winterized or located in remote areas. Whether you are looking for a lake cottage to escape to on weekends or a housing option near a college for your children, there are mortgage solutions to suit your needs.

It's important to note that lending criteria for second or third homes are different from those for primary residences. Depending on the category of vacation or secondary home, some properties may qualify for a minimum down payment of 5% or 10%, while others may require a higher down payment of 20% or more. Each category receives different treatment from lenders, and certain types of cottages may have additional requirements and higher interest rates.

The mortgage options available to you will depend on the type of property you are considering. Properties that are accessible year-round will have different options compared to seasonal properties.

If you already own a home and are looking to incorporate your down payment into the mortgage, there are various ways to do so, including mortgage refinancing, a home equity line of credit (HELOC), or even a reverse mortgage. These options can provide flexibility and convenience when financing your vacation property.

In Canada, there are innovative tools available to streamline the mortgage process and ensure accuracy. If you would like more information or are interested in a quick mortgage pre-approval, reach out to a mortgage professional who can provide you with complete information and guide you through the process.