The number of Canadians investing in vacation properties is on the rise. Many people are choosing to invest in a second home for the purpose of relaxation, building wealth, and creating memorable family moments. What makes this option even more accessible is the availability of mortgages with low interest rates, even for non-winterized or remote locations. Whether you're looking for a lake cottage or a housing option for college, there are mortgage options available for various purposes. However, it's important to note that lending criteria for second or third homes are different from primary residences. While some vacation and secondary homes may only require a minimum down payment of 5% or 10%, others, depending on their category, may require 20% or higher. Different types of cottages also have varying requirements, with certain types requiring higher down payments and receiving higher rates. It's also worth considering the property type when exploring mortgage options, as they are categorized as either year-round accessible or seasonal. To make the process even more convenient, down payments can be incorporated through mortgage refinancing, HELOC, or reverse mortgage. Fortunately, there are innovative tools available in Canada that streamline processes and ensure accuracy. For more information and a quick mortgage pre-approval process, reach out to professionals in the field.