There is a growing trend among Canadians to invest in vacation properties for various reasons including relaxation, wealth-building, and creating memorable family moments. The good news is that there are accessible mortgages available with low rates even for non-winterized or remote locations. Whether you are looking for a lake cottage or a housing option for college, you can find the best mortgage that suits your needs. However, 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 require a minimum down payment of 5% or 10%, others may require 20% or higher. Mortgage options also depend on the type of property, whether it is year-round accessible or seasonal. To help with down payments, you can consider mortgage refinancing, HELOC, or reverse mortgage. Thankfully, there are innovative tools available in Canada that make the mortgage process streamlined and accurate. If you need more information or want to go through a quick mortgage pre-approval process, reach out for complete details.