A growing number of Canadians are choosing to invest in vacation properties for relaxation, wealth accumulation, and family bonding. With accessible mortgages offering low rates for vacation homes, even in non-winterized or remote locations, individuals can find the best mortgage options for various purposes such as lake cottages or college housing. Different lending criteria apply to second or third homes compared to primary residences, with some properties requiring a minimum 5% or 10% down payment while others necessitate 20% or higher. Specific types of cottages may also have varying down payment requirements and receive different treatment from lenders. Mortgage options are determined by the property type, whether categorized as year-round accessible or seasonal, and down payments can be incorporated through mortgage refinancing, HELOC, or reverse mortgage. Canadians have access to innovative tools for a streamlined and accurate mortgage application process, and individuals are encouraged to reach out for complete information and a quick mortgage pre-approval.