The number of Canadians investing in vacation properties is increasing. These properties offer benefits such as relaxation, wealth-building, and family moments. Even non-winterized or remote locations can be financed with accessible mortgages that offer low rates. Finding the best mortgage for specific purposes, such as a lake cottage or college housing, is possible. Lending criteria for second or third homes differ from primary residences. Some vacation and secondary homes can qualify for a minimum down payment of 5% or 10%, while others require 20% or higher. Different categories of vacation and secondary homes receive different treatment from lenders, with certain types of cottages requiring a higher down payment and receiving higher rates. Mortgage options depend on the property type, categorized as year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, a HELOC, or a reverse mortgage. Canadians have access to innovative tools that streamline processes and improve accuracy. For complete information and a quick mortgage pre-approval process, reach out to lenders.