The number of Canadians investing in vacation properties is on the rise, as more people seek a getaway home for relaxation, wealth-building, and family moments. Accessible mortgages with low rates are now available for vacation properties, even in non-winterized or remote locations. Whether it's a lake cottage or a college housing option, there are mortgage options to suit various purposes. However, it's important to note that different lending criteria apply to 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 a higher down payment of 20% or more, as they are categorized differently and receive different treatment from lenders. Additionally, there are different requirements for different types of cottages, with certain types requiring a higher down payment and receiving higher rates. Mortgage options also depend on the type of property, whether it is year-round accessible or seasonal. Fortunately, there are innovative tools in Canada that can streamline processes and ensure accuracy. For more information and a quick mortgage pre-approval process, individuals are encouraged to reach out.