An increasing number of Canadians are choosing to invest in vacation properties for various reasons such as relaxation, wealth-building, and spending quality time with family. These properties, even if they are non-winterized or located in remote areas, can be easily financed with accessible mortgages offered at low rates. Whether it's a lake cottage or a housing option for college, there are mortgage options available to suit different purposes. However, it is important to note that the lending criteria for second or third homes differ from primary residences. While some vacation and secondary homes may qualify for a minimum down payment of 5% or 10%, certain categories may require a higher down payment of 20% or more. These properties are categorized differently and are treated differently by lenders. Depending on the type of property, whether it is year-round accessible or seasonal, there are different mortgage options available. Additionally, down payments can be incorporated through mortgage refinancing, HELOC, or reverse mortgage. Canada offers innovative tools that make the mortgage process streamlined and accurate. For complete information and a quick mortgage pre-approval process, reach out to a professional.