The number of Canadians investing in vacation properties is on the rise. These properties are being sought after for various reasons such as relaxation, wealth-building, and family moments. Even non-winterized or remote locations are now accessible through mortgages with low rates. Whether it is a lake cottage or a college housing option, there are different mortgage options available to suit various purposes. It is important to note that lending criteria for second or third homes differ from primary residences. While some vacation and secondary homes can qualify for a minimum down payment of 5% or 10%, certain categories may require 20% or more. Different types of cottages also have varying requirements, with some needing higher down payments and receiving higher rates. The availability of mortgage options depends on whether the property is year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, HELOC, or reverse mortgage. Canadians also have access to innovative tools that streamline processes and ensure accuracy. For more information and a quick mortgage pre-approval process, individuals are encouraged to reach out.