The number of Canadians investing in vacation properties is on the rise. Many choose to invest in a second home for various reasons such as relaxation, wealth-building, and creating special moments with family. Accessible mortgages with low rates are available for vacation properties, even those that are not winterized or located remotely. Whether it's a lake cottage or a housing option for college, there are different lending criteria for second or third homes compared to primary residences. Depending on the category of vacation or secondary home, a minimum down payment of 5% or 10% may be required, while others may require 20% or higher. Different types of cottages also have varying requirements, with some requiring higher down payments and receiving higher rates. Mortgage options depend on whether the property is classified as year-round accessible or seasonal. Down payments can be incorporated through mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. There are also innovative tools available in Canada to make the mortgage process streamlined and accurate. For complete information and a quick mortgage pre-approval process, individuals can reach out for assistance.