Depends on perception what is wrong and right, but I would have to agree with Upen since you said you bought the 2nd home as a "primary residence," with intent on living in the property (so you mentioned to the bank) and then mentioned you went back on your intent and rented it out since day 1 there by defrauding the lender to obtain primary residence terms while the real intent was to acquire the property as a rental property/investment.As for the other question you mentioned can you keep buying primary residences with 5% down (in US only) you can as long as the scenario makes sense and the loan amount is 417k or lower (10% down is required for loan amounts in excess of 417k loan in certain areas of the US, dont know about canada).Good luck to the loan officer who works on this scenario, because he or she would be putting their professional license at risk for collusion with the borrower.

Jim HerreraPrincipal, Perceptive Investments

Experience a few market cycles and I think your perception will change.

Perception drives everything.

It may be difficult for newbies to identify crappy, BS contracts drafted by amateurs using legal verbiage thinking it adds to its validity or giving the perception of a "legal document" but I or any skilled in RE contracts or attorney can spot trash at almost a glance.

Landlord runs out of courtroom crying, jumps in car, with tears in eyes blows thru stop sign because couldn't clearly see, cop sees and floors it to pursue and pull over but, in such a fit landlord threw on music as ear-bleed level to "just chill" so never hears the sirens, cop's thinking maybe it's a jail break, calls in backup, now there's a whole slew of cops in pursuit, chopper swoops in and it's on the news, now landlord sees a sea of lights in rear view mirror but it's too late, now it's live streaming and landlords boss sees and recognizes his star employees vehicle right away, and right as he was going to give a promotion.

Sometimes perception is more important than reality.

Then you have other folks that want to do this for a living  ( JOB)  either because they dont like their current field of employment or the perception that real estate will make them more money than their current JOB.. so they switch JOBS  .. then you have the ones who think that if i just get into real estate and create cash flow I RETIRED  well in their mind.. but in reality unless they paid cash for all their units they are in debt to their eyeballs.. and need to keep their properties working to create that income to stay retired..

It seems there is a perception gap more than anything.

Do you think the part about viewing the PMI as interest at an "increasing rate" is a bunch of b.s. and just manipulation of perception?