The number of Canadians investing in vacation properties is on the rise. These properties offer benefits such as relaxation, wealth-building, and quality family time. Canadians can take advantage of accessible mortgages with low interest rates, even for non-winterized or remote locations. Whether someone is looking for a lake cottage or a housing option for their college student, there is a mortgage option available. 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 only require a 5% or 10% down payment, others may require 20% or more. They are also categorized differently and treated differently by lenders. Additionally, different requirements exist for various types of cottages, with some types requiring higher down payments and receiving higher interest rates. Mortgage options depend on whether the property is categorized as year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, home equity line of credit (HELOC), or a reverse mortgage. Innovative tools are available in Canada to streamline processes and ensure accuracy. For more information and a quick mortgage pre-approval process, individuals should reach out.