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Your Banker May Lie To You Sometimes!

 

In this post, I share with you a story of mine where a lender pretty much lied to me or at least was telling me something that was significantly inaccurate. 

It pays off immensely to be an educated and sophisticated real estate investor, especially in my world of investing in apartment buildings of plus five units because there are many more moving parts than when you invest in small rental properties.

Lenders are sometimes lazy and the law of least effort often applies to their behaviour. Accordingly, they'll tell you stuff just because either it reduces their risks or it makes their lives easier and they think you don't know any better!

In the video, I mention CMHC's Reference Guide. Below is the link for it. Just keep in mind these are just that, guidelines. At the end of the day, lenders and CMHC can do whatever they want. But at least, guidelines are a starting point that enables you to know what the expectations are.

CMHC Reference Guide 

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