There has been a significant increase in the number of Canadians who are investing in vacation properties. These properties are sought after for various reasons, including relaxation, wealth-building, and creating family memories. One of the key factors driving this trend is the availability of accessible mortgages with low interest rates, even for non-winterized or remote locations. Canadians can now find the best mortgage options for different purposes, such as purchasing a lake cottage or a housing option for college. However, it is important to note that lending criteria for second or third homes differ from primary residences. While some vacation and secondary homes require a minimum down payment of 5% or 10%, others may require 20% or more, as they are categorized differently by lenders. Additionally, the type of property, whether it is year-round accessible or seasonal, will determine the mortgage options available. Lastly, Canadians have access to innovative tools that streamline the mortgage process and provide accuracy. For more information and a quick mortgage pre-approval process, reach out for complete details.