The number of Canadians investing in vacation properties is on the rise. These properties offer a variety of benefits such as relaxation, wealth-building opportunities, and quality family time. What's more, obtaining a mortgage for a vacation property has become more accessible, even for non-winterized or remote locations. Whether you're looking for a lake cottage or a housing option near a college, there are mortgage options available to suit your needs. It's important to note that different lending criteria apply to second or third homes compared to primary residences. While some vacation and secondary homes may qualify for a minimum down payment of 5% or 10%, others will require a down payment of 20% or more. The specific requirements and rates vary depending on the type of cottage and its accessibility throughout the year. However, there are options to incorporate down payments through mortgage refinancing, a HELOC, or a reverse mortgage. In Canada, there are innovative tools available to assist with a streamlined and accurate mortgage process. For complete information and a quick mortgage pre-approval process, don't hesitate to reach out.