There is a growing trend among Canadians to invest in vacation properties for various purposes such as relaxation, wealth-building, and family time. These properties, including non-winterized or remote locations, can be financed through accessible mortgages with low rates. Different lending criteria apply to second or third homes compared to primary residences, and the down payment requirements vary depending on the type of vacation or secondary home. Certain categories may qualify for a minimum 5% or 10% down payment, while others may require 20% or more. It is important to understand the specific requirements for different types of cottages, as they may affect down payment amounts and interest rates. Mortgage options also depend on whether the property is categorized as year-round accessible or seasonal. Down payments can be incorporated through methods such as mortgage refinancing, HELOC, or reverse mortgage. Canada offers innovative tools to facilitate streamlined processes and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out to a mortgage professional.