The number of Canadians investing in vacation properties is on the rise, with many individuals looking to purchase getaway homes for relaxation, wealth-building, and family moments. Fortunately, accessible mortgages with low rates are available for vacation properties, including those that are non-winterized or located in remote areas. Whether you're looking for a lake cottage or a college housing option, there are various mortgage options to choose from. It's important to note that lending criteria for second or third homes differ from primary residences. While some vacation and secondary homes may only require a minimum down payment of 5% or 10%, others may require 20% or more. Additionally, different types of cottages have different requirements in terms of down payment and interest rates. The mortgage options available also depend on whether the property is categorized as year-round accessible or seasonal. For those in need of down payment assistance, options such as mortgage refinancing, HELOC, or reverse mortgage are available. Luckily, Canada offers innovative tools that streamline the mortgage process and ensure accuracy. If you're interested in learning more or going through a quick mortgage pre-approval process, don't hesitate to reach out for complete information.