More and more Canadians are choosing to invest in vacation properties as a means of relaxation, building wealth, and creating lasting family memories. Fortunately, there are accessible mortgages available for these types of properties, even if they are non-winterized or in remote locations. Whether you are interested in purchasing a lake cottage or a housing option near a college, there are mortgage options that can cater to your specific needs. However, it is important to note that the lending criteria for second or third homes may differ from those for 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. This is because different types of properties are categorized differently and therefore receive different treatment from lenders. In addition, the mortgage options available depend on whether the property is categorized as year-round accessible or seasonal. To help cover the down payment, you may consider incorporating it through mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. Fortunately, Canada offers innovative tools that can streamline the mortgage process and ensure accuracy. For more detailed information and a quick mortgage pre-approval process, don't hesitate to reach out.