With a growing number of Canadians choosing to vacation at home this year—partly in response to ongoing trade tensions with the U.S. and a desire to support our own economy—interest in local getaways and vacation properties is on the rise.

If you’ve been thinking about buying a cottage, cabin or seasonal retreat, there’s no better time than now to explore your financing options. Here’s what you need to know before you make the leap:

Start with a mortgage pre-approval—Before browsing listings or booking showings, it’s important to get pre-approved for a mortgage. That will help clarify your budget and gives you an edge if you’re ready to make an offer.

There are two types of vacation properties. Vacation homes generally fall into two categories, Type A and B. The category affects how much you can borrow and what the down payment requirements will be.

Type A properties

These are more traditional secondary homes and must meet these criteria:

• Foundation must be permanent and installed beyond the frost line. That includes concrete, concrete block or preserved wood foundations, or post or pier........

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