The number of Canadians investing in vacation properties is on the rise, with many looking to purchase a getaway home for relaxation, wealth-building, and quality family moments. Accessible mortgages with low rates are available for vacation properties, even those that are non-winterized or located in remote areas. Individuals can find the best mortgage for their specific needs, whether it be a lake cottage or an option for housing during college. It's important to note that different lending criteria apply to second or third homes compared to primary residences. While some vacation and secondary homes may qualify for a minimum down payment of 5% or 10%, certain categories of vacation and secondary homes will require a higher down payment of 20% or more. These properties are categorized differently and receive different treatment from lenders. Furthermore, there are different requirements for different types of cottages, with certain types requiring a higher down payment and receiving higher interest rates. The mortgage options available also depend on the property type, categorized as either year-round accessible or seasonal. For those interested in purchasing a vacation property, down payments can be incorporated through mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. Fortunately, there are innovative tools available in Canada to streamline the mortgage process and ensure accuracy. For more information and a quick mortgage pre-approval process, individuals are encouraged to reach out.