The number of Canadians investing in vacation properties is on the rise. These properties offer opportunities for relaxation, wealth-building, and family moments. Even non-winterized or remote locations can be financed with accessible mortgages that have low rates. 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 are different from primary residences. Depending on the type of vacation or secondary home, down payment requirements can range from 5% or 10% to 20% or higher. Different types of cottages also have different down payment requirements and receive different rates. The mortgage options available also depend on whether the property is year-round accessible or seasonal. Down payments can be incorporated through various methods such as mortgage refinancing, HELOC, or reverse mortgage. In Canada, there are innovative tools available to facilitate streamlined processes and ensure accuracy. For complete information and a quick mortgage pre-approval process, reach out for assistance.