The number of Canadians investing in vacation properties is on the rise, as more individuals are seeking getaway homes for relaxation, wealth-building, and quality family time. These properties, even if they are non-winterized or remote, are now accessible through mortgages with low interest rates. Whether you're looking for a lake cottage or a college housing option, there are various mortgage options available to suit your needs. However, it's important to note that lending criteria for second or third homes differ from primary residences. Certain categories of vacation and secondary homes may qualify for a minimum down payment of 5% or 10%, while others may require 20% or more. Additionally, different types of cottages have different requirements, with some necessitating higher down payments and receiving higher interest rates. The availability of mortgages depends on whether the property 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. Take advantage of innovative tools in Canada designed to streamline processes and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out today.