A growing number of Canadians are choosing to invest in vacation properties for the purposes of relaxation, building wealth, and creating memorable family moments. Fortunately, there are accessible mortgage options available with low interest rates, even for properties that are not winterized or located in remote areas. Whether you are looking for a lake cottage or housing options near a college, there are specific mortgages tailored to your needs. However, it is important to note that different lending criteria apply to second or third homes compared to primary residences. While some vacation and secondary homes may require a minimum down payment of 5% or 10%, certain categories of these properties will require a down payment of 20% or more due to their unique categorization and treatment by lenders. Additionally, the requirements for different types of cottages can vary, with some types demanding higher down payments and interest rates. The availability of mortgage options also depends on the property type, which can be classified as year-round accessible or seasonal. If you need assistance with incorporating down payments into your mortgage, there are several innovative tools available in Canada that offer streamlined processes and accuracy. For comprehensive information and a quick mortgage pre-approval process, don't hesitate to reach out.