The number of Canadians investing in vacation properties is increasing. These properties are sought after for reasons such as relaxation, wealth-building, and quality family time. What's more, obtaining mortgages for vacation properties, even those in non-winterized or remote locations, is made easier with low rates. Whether you're looking for a lake cottage or a housing option for your college student, finding the best mortgage to suit your needs is possible. However, it is important to note that the lending criteria for second or third homes differ from primary residences. The down payment requirement also varies depending on the type of vacation or secondary home, with some properties qualifying for a minimum of 5% or 10% down payment, while others require 20% or higher. Additionally, different types of cottages have varying down payment requirements and interest rates. When it comes to mortgage options, they are dependent on the categorization of the property as either year-round accessible or seasonal. For those looking to incorporate down payments into their mortgage, options such as mortgage refinancing, HELOC, or reverse mortgage are available. In Canada, there are innovative tools that streamline processes and ensure accuracy throughout the mortgage application. For complete information and a quick mortgage pre-approval process, don't hesitate to reach out.