Increasing numbers of Canadians are choosing to invest in vacation properties for relaxation, wealth-building, and family bonding moments. Accessible mortgages with low rates are available for various types of getaway homes, including non-winterized or remote locations, such as lake cottages or college housing options. Different lending criteria apply to second or third homes compared to primary residences, with some vacation and secondary homes requiring only a minimum 5% or 10% down payment while others need 20% or more. Different requirements exist for different types of cottages, with varying rates and down payment amounts depending on whether the property is categorized as year-round accessible or seasonal. Homebuyers can incorporate down payments via mortgage refinancing, HELOC, or reverse mortgage, utilizing innovative tools in Canada to streamline the mortgage process. For more information and a quick mortgage pre-approval, contact a financial professional.