A growing number of Canadians are choosing to invest in vacation properties for various reasons, such as relaxation, wealth-building, and creating memorable family moments. These properties, including non-winterized or remote locations, can now be acquired with accessible mortgages featuring low rates. Depending on the purpose of the property, such as a lake cottage or college housing option, different lending criteria apply compared to primary residences. While some vacation and secondary homes may only require a minimum down payment of 5% or 10%, certain categories of properties may necessitate a down payment of 20% or more, as they are categorized differently by lenders. Additionally, the type of property, whether year-round accessible or seasonal, will determine the available mortgage options. Down payments can also be incorporated through mortgage refinancing, a Home Equity Line of Credit (HELOC), or a reverse mortgage. Residents of Canada can take advantage of innovative tools to simplify the mortgage process and ensure accuracy. For comprehensive information and a quick mortgage pre-approval process, individuals are encouraged to reach out for assistance.