The trend of Canadians investing in vacation properties is on the rise, with increasing numbers of individuals seeking to purchase getaway homes for various reasons such as relaxation, wealth-building, and quality family time. The good news is that accessible mortgages with low rates are now available for vacation properties, including non-winterized or remote locations. Finding the best mortgage for specific purposes, such as a lake cottage or a student housing option, is also possible. However, it's important to note that lending criteria for second or third homes differ from those of primary residences. While some vacation and secondary homes may qualify for a minimum down payment of 5% or 10%, certain categories will require a higher down payment of 20% or more due to their different classification and treatment by lenders. Furthermore, different requirements and rates apply to various types of cottages, depending on whether they are year-round accessible or seasonal. To facilitate the financing process, options such as mortgage refinancing, HELOC, or reverse mortgage can be considered to incorporate down payments. In Canada, innovative tools are available to streamline processes and improve accuracy. For complete information and a quick mortgage pre-approval process, interested individuals are encouraged to reach out.