Increasing numbers of Canadians are choosing to invest in vacation properties as a means of relaxation, building wealth, and creating lasting memories with their families. The availability of accessible mortgages with low interest rates has made it easier than ever to purchase vacation properties, even in non-winterized or remote locations. Whether you are looking for a lake cottage or a housing option for your college-aged children, there are numerous mortgage options available to suit your needs. It is important to note that lending criteria for second or third homes differ from primary residences, and the down payment requirements vary depending on the type of vacation property. Some vacation and secondary homes may qualify for a minimum down payment as low as 5% or 10%, while others may require 20% or higher. Additionally, different types of cottages have unique down payment requirements and may receive higher interest rates. Mortgage options are also dependent on whether the property is classified as year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. Canadians can take advantage of innovative tools and streamlined processes in order to make the mortgage pre-approval process quick and easy. For more information and assistance, it is recommended to reach out to a mortgage professional.