Growing numbers of Canadians are choosing to invest in vacation properties as a way to relax, build wealth, and create lasting family memories. Thankfully, obtaining a mortgage for these vacation properties has become more accessible and affordable, even for non-winterized or remote locations. Whether you're looking for a cozy lakeside cottage or a housing option for your college-aged child, there are mortgage options available to suit your needs. However, it's important to note that lending criteria can differ for second or third homes compared to primary residences. While certain vacation and secondary homes may qualify for a minimum down payment of 5% or 10%, others may require 20% or more. Additionally, specific types of cottages may have higher down payment requirements and receive different rates. The availability of mortgage options will depend on whether the property is classified as year-round accessible or seasonal. Fortunately, innovative tools and streamlined processes in Canada make it easier to incorporate down payments through mortgage refinancing, HELOC, or reverse mortgages. For more detailed information and a quick mortgage pre-approval process, reach out today.