The number of Canadians investing in vacation properties is on the rise. People are choosing to invest in getaway homes for relaxation, wealth-building, and family moments. The good news is that there are accessible mortgages available with low rates for vacation properties, including non-winterized or remote locations. Whether you're looking for a lake cottage or a college housing option, you can find the best mortgage to suit your needs. It's important to note that different lending criteria apply to second or third homes compared to primary residences. Depending on the category of vacation or secondary home, the down payment required can vary from a minimum of 5% or 10% to 20% or higher. Each type of cottage also has different requirements, with some requiring a higher down payment and receiving higher rates. The mortgage options available depend on whether the property is categorized as year-round accessible or seasonal. If you're looking to incorporate down payments, you have the option to do so through mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. Canada also offers innovative tools to streamline processes and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out to us.