More and more Canadians are choosing to invest in vacation properties for various reasons such as relaxation, building wealth, and creating family memories. These properties, even if they are located in non-winterized or remote areas, can be easily financed with accessible mortgages that offer low rates. Whether you are looking for a lake cottage or a housing option for college, you can find the best mortgage for your needs. However, it's important to note that different lending criteria apply to second or third homes compared to 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 depending on their categorization and treatment by lenders. The down payment and mortgage options will also vary depending on the property type, categorized as either year-round accessible or seasonal. Fortunately, there are innovative tools available in Canada to make the mortgage process more streamlined and accurate. For more information and a quick mortgage pre-approval process, reach out to us.