The number of Canadians investing in vacation properties is increasing. These properties offer relaxation, wealth-building opportunities, and special moments with family. Even non-winterized or remote locations can be financed with accessible mortgages at low rates. Whether you're looking for a lake cottage or housing for college, there are mortgage options available. Lending criteria for second or third homes differ from primary residences. Some vacation and secondary homes may require a 5% or 10% down payment, while others require 20% or more. Different categories of properties are treated differently by lenders and may have different down payment requirements and rates. The type of property, whether year-round accessible or seasonal, determines the available mortgage options. Down payments can be incorporated through mortgage refinancing, HELOC, or reverse mortgage. Canada offers innovative tools to streamline the mortgage process and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out.