The number of Canadians investing in vacation properties is on the rise, as people seek to purchase getaway homes for relaxation, building wealth, and creating family moments. These properties are becoming more accessible, with mortgages offering low rates even for non-winterized or remote locations. Whether you're looking for a lake cottage or a college housing option, there are various mortgage options available to meet your needs. However, it's important to note that lending criteria for second or third homes differ from primary residences. Some vacation and secondary homes may qualify for a minimum down payment of 5% or 10%, while others may require 20% or more. Different types of cottages also have different requirements, with certain types requiring higher down payments and receiving higher rates. The availability of mortgage options also depends on whether the property is categorized as year-round accessible or seasonal. Additionally, there are innovative tools available in Canada to streamline the mortgage process and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out for complete details.