There are many reasons to buy a second home, whether you're dreaming of a weekend place in the country, a chalet in the mountains, a downtown pied-à-terre for those trips to the big city or even a place for your children to live while they're away at university.

Whatever kind of second home you're interested in, be it for seasonal getaways or year-round use, Trimor Home Finance has a Second Home lending option designed to help you make your dream a reality.

Taking on a second mortgage is not a step most homeowners take lightly. But with more people seeking second properties where they can escape the city, the financing of recreational properties is a market that has expanded in recent years.

Historically, the requirements for financing a second home were more stringent, requiring larger down payments -- as much as 25 per cent -- and ensuring the home met certain specifications.

Canadian mortgage insurers have become less conservative in their practices as competition increased and Canadians sought second homes. Now new products from the Canada Mortgage and Housing Corp. and Genworth make it easier for buyers to invest in a recreational property -- provided they meet a few conditions.

Under CMHC's Mortgage Loan Insurance, approved lenders can offer recreational property buyers up to 100 per cent financing, if the second home is accessible year-round and has the proper facilities to house residents 24/7.

If the buyer plans on helping to finance the purchase by renting out the property, he or she is excluded from using CMHC's second-home product.

Genworth, meanwhile, offers a similar product for secondary homes, which it classifies as "Type A" to a maximum of $700,000. Type B properties, meanwhile, need not be winterized or accessible year-round but are financed up to 90 per cent and to a maximum of $350,000.