The number of Canadians investing in vacation properties is increasing. These properties are seen as a way to relax, build wealth, and create special moments with family. Even non-winterized or remote vacation properties now have accessible mortgages with low rates. Whether someone is looking for a lake cottage or a housing option for college, there are mortgage options available. However, it's important to note that different lending criteria apply to second or third homes compared to primary residences. The down payment requirements for vacation and secondary homes vary depending on the type of property. Some may qualify with a minimum of 5% or 10% down payment, while others may require 20% or more. Different mortgage options are available depending on whether the property 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. Canada offers innovative tools for a streamlined and accurate mortgage process. For more information and a quick mortgage pre-approval process, reach out for complete details.