The number of Canadians investing in vacation properties is on the rise. These properties offer a chance for relaxation, wealth-building, and quality time with family. Even non-winterized or remote locations are now more accessible with affordable mortgages and low interest rates. Whether you're looking for a lake cottage or a college housing option, there are mortgages available to suit your needs. However, it's important to note that different lending criteria apply to second or third homes compared to primary residences. Some vacation and secondary homes may require a minimum down payment of 5% or 10%, while others may need 20% or more. The type of property also affects mortgage options, with year-round accessible and seasonal properties being treated differently. Down payments can be incorporated through mortgage refinancing, HELOC, or reverse mortgage. Innovative tools in Canada make the mortgage process streamlined and accurate. For more information and a quick mortgage pre-approval process, reach out to us.