There has been a noticeable increase in the number of Canadians investing in vacation properties. These properties offer a range of benefits including relaxation, the potential for wealth-building, and the opportunity to create special family moments. Additionally, mortgages for vacation properties are now more accessible than ever before, even for non-winterized or remote locations. Whether you are looking for a lake cottage or a housing option for college, there are mortgage options available to suit 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 only require a minimum down payment of 5% or 10%, others will require 20% or more. Furthermore, different types of cottages have different requirements, including higher down payments and higher rates. Mortgage options will also depend on whether the property is classified as year-round accessible or seasonal. If you need assistance with financing your vacation property, there are innovative tools available in Canada to streamline the process and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out to a trusted mortgage lender.