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Genworth hikes mortgage insurance premium, matching CMHC move

Mortgage insurer Genworth Canada has matched the CMHC's hike late last week to the amount it charges borrowers with very little money down to insure their loans. On Monday, Genworth announced it would match the CMHC's move on Friday to hike the premiums it charges to home buyers who borrow at least 90 per cent of the purchase price of a home. Starting June 1, those borrowers will pay about 15 …

Do you need to get a mortgage preapproval?

Buyers often are eager to start looking at homes and tend to leave what they view as the boring, bureaucratic part of the homebuying process for last, says Michael Highfield, associate professor of finance and head of Mississippi State University's Department of Finance and Economics. “But in this competitive market, any serious buyer should pursue a preapproval from a lender in advance to …