There is a growing trend in Canada of more people investing in vacation properties. These properties are seen as a way to relax, build wealth, and create lasting memories with family. The good news is that there are accessible mortgages available for vacation properties, even for those in non-winterized or remote locations. Whether you're looking for a lake cottage or a housing option near a college, there are mortgage options to suit your needs. However, it's important to note that different lending criteria apply to second or third homes compared to primary residences. Depending on the type of vacation or secondary home, down payments can range from a minimum of 5% or 10% to 20% or higher. The property type, whether it is a year-round accessible or seasonal property, also affects the available mortgage options. In order to afford the down payment, you can incorporate it through mortgage refinancing, a Home Equity Line of Credit (HELOC), or a reverse mortgage. Luckily, there are innovative tools available in Canada to make the mortgage process streamlined and accurate. If you're interested in more information or a quick mortgage pre-approval process, reach out for complete assistance.