There has been a significant increase in the number of Canadians investing in vacation properties. These properties are being sought after for their ability to provide relaxation, opportunities for wealth-building, and moments with family. The good news is that there are accessible mortgages available with low rates, even for properties that are not winterized or in remote locations. Whether it's a lake cottage or a housing option for college, there are mortgage options to suit different purposes. However, it's important to note that different lending criteria apply to second or third homes compared to primary residences. Depending on the type of vacation or secondary home, the down payment required can vary from a minimum of 5% or 10% to 20% or higher. Different types of cottages also have different requirements and may require a higher down payment and receive higher rates. The availability of mortgage options also depends on the property type, categorized as year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, a HELOC, or a reverse mortgage. In Canada, there are innovative tools available to streamline processes and ensure accuracy. For complete information and a quick mortgage pre-approval process, it is recommended to reach out to the relevant authorities.