A growing number of Canadians are choosing to invest in vacation properties to enjoy relaxation, build wealth, and create lasting family memories. Thankfully, obtaining a mortgage for these properties has become increasingly accessible, even for non-winterized or remote locations. Whether you're interested in a lake cottage or housing for college, there is a mortgage option to suit your needs. However, it's important to note that lending criteria for second or third homes are different from primary residences. While some vacation and secondary homes may only require a minimum down payment of 5% or 10%, others may require 20% or more, depending on the category they fall under. Additionally, the requirements and rates for different types of cottages can vary. Mortgage options will also depend on whether the property is categorized as year-round accessible or seasonal. Fortunately, innovative tools in Canada are available to streamline the mortgage application process and ensure accuracy. For more information and a quick pre-approval process, reach out to us today.