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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 …

Personal finance Q&A: Eliminating private mortgage insurance

Dear Liz: I bought my first home about a year ago. Because I had very little money for the down payment, I have to pay private mortgage insurance, which is a whopping $385 each month. My burning question about this is: How can I get rid of it? There must be a way to pay the loan quicker or…