There has been a significant increase in the number of Canadians investing in vacation properties. These properties serve as a great investment for relaxation, building wealth, and creating memorable family moments. Additionally, getting a mortgage for vacation properties, including those that are non-winterized or located in remote areas, is now more accessible with low interest rates. Whether you are looking for a lake cottage or a college housing option, there are various mortgage options available to suit your needs. However, it is important to note that lending criteria for second or third homes differ from those for primary residences. While some vacation and secondary homes may qualify for a minimum down payment of 5% or 10%, certain categories may require a higher down payment of 20% or more due to their different categorization and treatment by lenders. Moreover, different types of cottages have different requirements, with some necessitating higher down payments and receiving higher interest rates. The availability of mortgage options also depends on the property's categorization as year-round accessible or seasonal. When it comes to down payments, you have the option to incorporate them through mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. To make the process easier and more accurate, innovative tools are available in Canada. For complete information and a quick mortgage pre-approval process, do not hesitate to reach out.