The trend of Canadians investing in vacation properties is on the rise, with people seeking relaxation, wealth-building, and family time at getaway homes. Accessible mortgages with low rates are available for a variety of vacation properties, including non-winterized or remote locations such as lake cottages or college housing options. Different lending criteria apply to second or third homes compared to primary residences, with some properties requiring a minimum down payment of 5% or 10% while others may need 20% or more. Various types of cottages have different requirements, with certain properties categorized as year-round accessible or seasonal. Options for incorporating down payments include mortgage refinancing, HELOC, or reverse mortgages, and innovative tools in Canada can assist in streamlining the mortgage process. For more information and a quick mortgage pre-approval process, reach out for complete details.