A growing number of Canadians are choosing to invest in vacation properties for relaxation, wealth-building, and family bonding. Accessible mortgages with low rates are available for various purposes such as lake cottages or college housing options, even for non-winterized or remote locations. Different lending criteria apply for second or third homes compared to primary residences, with some properties requiring minimum down payments of 5% to 20% or higher. Cottages are categorized based on accessibility and may have different requirements for down payments and interest rates. Mortgage options vary depending on the property type, whether it is year-round accessible or seasonal, and down payments can be incorporated through various methods like mortgage refinancing or HELOC. Canadians can take advantage of innovative tools for a streamlined mortgage pre-approval process.