An increasing number of Canadians are choosing to invest in vacation properties for various reasons such as relaxation, building wealth, and creating memorable family moments. These properties, including non-winterized or remote locations, are now more accessible thanks to mortgages with low interest rates. Whether you're looking for a lake cottage or a housing option near a college, there are different lending criteria for second or third homes compared to primary residences. While some vacation and secondary homes require a down payment of at least 5% or 10%, others may require 20% or more. Different types of cottages also have different requirements, with certain types needing higher down payments and attracting higher rates. Depending on the property type, whether it is year-round accessible or seasonal, there are mortgage options available. You can also incorporate down payments through mortgage refinancing, a Home Equity Line of Credit (HELOC), or a reverse mortgage. In Canada, there are innovative tools designed to streamline processes and ensure accuracy, and you can reach out to obtain complete information and undergo a quick mortgage pre-approval process.