An increasing number of Canadians are choosing to invest in vacation properties as getaways for relaxation, wealth-building, and family moments. Even non-winterized or remote locations are now more accessible with mortgages offering low rates specifically designed for vacation properties. Whether one is looking for a lake cottage or a college housing option, there are various mortgage options available to suit different purposes. It is important to note that lending criteria for second or third homes differ compared to primary residences. While some vacation and secondary homes can qualify for a minimum down payment of 5% or 10%, certain categories of these properties will require a higher down payment of 20% or more due to their different categorization and treatment from lenders. Additionally, different requirements and rates apply to different types of cottages based on their accessibility throughout the year. For those considering investing in a vacation property, there are options to incorporate down payments through mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. With innovative tools available in Canada, the mortgage process is streamlined and accurate. For complete information and a quick mortgage pre-approval process, it is advisable to reach out for assistance.