The number of Canadians investing in vacation properties is on the rise, with many looking to purchase a getaway home for relaxation, wealth-building, and family moments. Luckily, there are accessible mortgages available with low rates, even for non-winterized or remote locations. Whether you're looking for a lake cottage or a housing option for college, finding the best mortgage for your needs is possible. 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 will require 20% or more. It's also important to understand that different types of cottages have different requirements, with certain types needing higher down payments and receiving higher rates. Mortgage options will also depend on whether the property is categorized as year-round accessible or seasonal. If needed, down payments can be incorporated through mortgage refinancing, a home equity line of credit (HELOC), or a reverse mortgage. 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, reaching out to experts is highly recommended.