An increasing number of Canadians are choosing to invest in vacation properties for various reasons such as relaxation, wealth-building, and quality family moments. And with accessible mortgages offering low rates, even properties that are not winterized or located in remote areas can be easily financed. Whether you're looking for a lake cottage or a housing option for college, finding the best mortgage is made possible. However, it's important to note that different lending criteria apply for second or third homes compared to primary residences. While some vacation and secondary homes may qualify for a minimum down payment of 5% or 10%, others may require 20% or more, depending on their categorization by lenders. Additionally, different types of cottages have varying requirements, with certain types needing higher down payments and receiving higher rates. The availability of mortgage options also depends on whether the property is categorized as year-round accessible or seasonal. To facilitate the incorporation of down payments, Canadians can utilize tools such as mortgage refinancing, HELOC, or reverse mortgage. With innovative tools and streamlined processes available, obtaining complete information and a quick mortgage pre-approval is just a reach away.