The number of Canadians investing in vacation properties is on the rise, with many seeking a getaway home for relaxation, wealth-building, and family time. Even non-winterized or remote locations are now accessible with mortgages offering low rates for vacation properties. Whether it's a lake cottage or a college housing option, there are various mortgage options available to suit different purposes. However, it's important to note that the lending criteria for second or third homes differ from primary residences. While some vacation and secondary homes may only require a minimum down payment of 5% or 10%, others may require 20% or more depending on their categorization. Different types of cottages also have varying requirements, with certain types requiring higher down payments and receiving higher rates. Mortgage options also depend on whether the property is year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, Home Equity Line of Credit (HELOC), or reverse mortgage. To ensure a smooth and accurate process, innovative tools are available in Canada. For complete information and a quick mortgage pre-approval process, feel free to reach out.