A growing number of Canadians are choosing to invest in vacation properties for a variety of reasons. These properties provide an opportunity for relaxation, wealth-building, and cherished family moments. The good news is that obtaining a mortgage for a vacation property is becoming increasingly accessible, even for non-winterized or remote locations. Whether you're 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 lending criteria for second or third homes differ from primary residences. While some vacation and secondary homes may only require a minimum down payment of 5% or 10%, others may require 20% or higher. The type of property and its classification also play a role in the down payment and interest rates offered. It is also possible to incorporate down payments through various means such as mortgage refinancing, HELOC, or reverse mortgage. Luckily, Canada offers innovative tools to streamline the mortgage process and ensure accuracy. For complete information and a quick mortgage pre-approval process, reach out for assistance.