An increasing number of Canadians are choosing to invest in vacation properties for various reasons such as relaxation, wealth-building, and family moments. These properties are now more accessible with mortgages offering low rates, even for non-winterized or remote locations. Whether it's a lake cottage or a college housing option, individuals can find the best mortgage suited for their needs. However, it's important to note that lending criteria for second or third homes differ from primary residences. While some vacation and secondary homes may require a minimum down payment of 5% or 10%, others may require 20% or more due to different categorizations and treatment by lenders. Additionally, different requirements and rates apply to different types of cottages, based on whether they are year-round accessible or seasonal. Luckily, there are options to incorporate down payments through mortgage refinancing, HELOC, or reverse mortgage. For those interested, Canada offers innovative tools to streamline processes and ensure accuracy. To learn more and begin the quick mortgage pre-approval process, individuals are encouraged to reach out for complete information.