In recent years, there has been a noticeable increase in the number of Canadians investing in vacation properties. These properties serve as a perfect getaway home for individuals and families, offering relaxation, the opportunity for wealth-building, and the creation of cherished family moments. What makes these properties even more accessible is the availability of mortgages with low rates, even for non-winterized or remote locations.

When it comes to finding the best mortgage for a vacation property, different lending criteria apply compared to primary residences. The down payment requirements vary depending on the type of property. While certain vacation and secondary homes may qualify for a minimum down payment of 5% or 10%, others may require 20% or higher. The categorization and treatment by lenders differ for each type of property.

It is also important to note that different requirements exist for different types of cottages. Some types of cottages necessitate a higher down payment and may receive higher interest rates. The mortgage options available depend on whether the property is categorized as year-round accessible or seasonal.

For those looking to incorporate their down payments into their mortgage, there are various options available. These include mortgage refinancing, Home Equity Line of Credit (HELOC), or a reverse mortgage. The availability of these innovative tools in Canada ensures streamlined processes and increased accuracy.

If you are interested in learning more about mortgages for vacation properties and wish to begin the quick and hassle-free pre-approval process, do not hesitate to reach out. We have complete information on all available options and are ready to assist you in making the best decision for your vacation property investment.