The number of Canadians investing in vacation properties is on the rise. People are looking to invest in second homes for relaxation, wealth-building, and quality family time. What's more, mortgages with low rates are readily available for vacation properties, even those in non-winterized or remote locations. Whether you're looking for a lake cottage or a college housing option, you can find the best mortgage to suit your needs. However, it's worth noting that the lending criteria for second or third homes are different from primary residences. While some vacation and secondary homes may only require a minimum down payment of 5% or 10%, certain categories may require 20% or more. These homes are categorized differently and receive different treatment from lenders. Additionally, different types of cottages have different requirements, with some needing higher down payments and receiving higher rates. The mortgage options available to you will also depend on the property type, whether it is accessible year-round or seasonal. Fortunately, there are innovative tools in Canada that can help streamline the mortgage process and ensure accuracy. If you're interested in learning more or going through a quick mortgage pre-approval process, don't hesitate to reach out for complete information.