The number of Canadians investing in vacation properties is on the rise, with many individuals looking to purchase a getaway home for relaxation, wealth-building, and family moments. Fortunately, there are accessible mortgages available with low rates specifically tailored for vacation properties, including those that are non-winterized or located in remote areas. Whether you are seeking a lake cottage or a housing option for college, there are various mortgage options to suit 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 can qualify for a minimum down payment of 5% or 10%, certain categories of vacation and secondary homes will require a higher down payment of 20% or more due to differing categorizations and treatment from lenders. Additionally, different types of cottages have different requirements, with certain types necessitating a higher down payment and receiving higher rates. The availability of mortgage options depends on the property type, which is classified as either year-round accessible or seasonal. For those interested in incorporating their down payments, options such as mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage can be considered. Fortunately, in Canada, there are innovative tools available to streamline the mortgage process and ensure accuracy. For complete information and a quick mortgage pre-approval process, individuals are encouraged to reach out for assistance.