An increasing number of Canadians are choosing to invest in vacation properties, whether it be for relaxation, building wealth, or creating memorable family moments. These properties are becoming more accessible through mortgages with low rates, even for non-winterized or remote locations. Individuals can find the best mortgage options for various purposes, such as a lake cottage or a housing option for college. It's important to note that different lending criteria applies to secondary and tertiary homes compared to primary residences. While some vacation and secondary homes may qualify for a minimum down payment of 5% or 10%, others may require a higher percentage, depending on their categorization and treatment by lenders. Additionally, the type of cottage also plays a role in mortgage requirements, with certain types requiring a higher down payment and receiving higher rates. The availability of mortgage options is also dependent on the property type, categorized as either year-round accessible or seasonal. To assist with down payments, individuals can utilize mortgage refinancing, HELOC, or reverse mortgages. Canada offers innovative tools that streamline processes and ensure accuracy throughout the mortgage application process. For complete information and a quick mortgage pre-approval process, individuals are encouraged to reach out for assistance.