The number of Canadians investing in vacation properties is on the rise. These properties offer a myriad of benefits, including relaxation, wealth-building, and quality family time. Additionally, obtaining a mortgage for vacation properties is now more accessible and affordable, even for non-winterized or remote locations. Whether you're looking for a lake cottage or a housing option for your college-aged child, there are various mortgage options available. However, it's essential to note that different lending criteria apply to second or third homes compared to primary residences. Some vacation and secondary homes may only require a minimum down payment of 5% or 10%, while others may necessitate a higher down payment of 20% or more. Moreover, different types of cottages have different requirements, higher down payments, and rates. The mortgage options available also depend on whether the property is categorized as year-round accessible or seasonal. Thankfully, there are innovative tools and streamlined processes in Canada to make the mortgage process smoother and more accurate. For complete information and a quick mortgage pre-approval process, reach out for assistance.