The number of Canadians investing in vacation properties is on the rise. People are choosing to invest in these properties for various reasons, including relaxation, wealth-building, and family moments. What's more, mortgages for vacation properties are now more accessible than ever, even for non-winterized or remote locations. Whether you're looking for a lake cottage or a college housing option, you can find the best mortgage to suit your needs. However, it's important to note that different lending criteria apply to second or third homes compared to primary residences. The down payment requirements also vary depending on the type of vacation or secondary home, with some properties requiring a minimum of 5% or 10% while others may require 20% or higher. It's essential to understand the different treatment and categorization of these properties by lenders. Additionally, the mortgage options available will depend on whether the property is classified as year-round accessible or seasonal. If you're looking to incorporate down payments into your mortgage, you have the option to do so through mortgage refinancing, a HELOC, or a reverse mortgage. Fortunately, there are innovative tools available in Canada that can streamline the mortgage process and ensure accuracy. To learn more and start the quick pre-approval process, reach out for complete information.