The number of Canadians investing in vacation properties is on the rise as more people are seeking getaway homes for relaxation, wealth-building, and quality family time. These properties are now more accessible with mortgages that offer low rates, even for non-winterized or remote locations. Whether you're looking for a lake cottage or a housing option for college, there are various mortgage options available to suit your needs. However, it's important to note that different lending criteria apply to secondary 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 20% or higher. The categorization of these properties also affects the treatment they receive from lenders. Additionally, the requirements for different types of cottages may vary, with some necessitating a higher down payment and receiving higher rates. Mortgage options also depend on whether the property is categorized as year-round accessible or seasonal. If you're looking to incorporate down payments into your mortgage, there are options such as mortgage refinancing, HELOC, or 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, reach out to experts in the field.