An increasing number of Canadians are choosing to invest in vacation properties for various reasons such as relaxation, wealth-building, and creating family memories. These properties, including non-winterized or remote locations, can be financed through accessible mortgages with low interest rates. Different lending criteria are applied to second or third homes compared to primary residences, and the down payment requirements may vary depending on the category of the vacation or secondary home. Some properties may qualify for a minimum of 5% or 10% down payment, while others may require 20% or more. The mortgage options available depend on the type of property, whether it is year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. Innovative tools are available in Canada to streamline the mortgage process and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out to us.