if i hit 80% LTV because of early repayment will i still lose the mortgage insurance?

Check your loan documents. Prepay penalties on loans issued after 2009 are very rare. Most conventional lenders are required to drop the PMI at a loan balance of 78% of the original purchase price, if your payments have been current for the last 12 months.

You will have to check your loan documents that you received at your closing.There should be specific guidelines on what you need to do. Then make sure to speak with your lender and ask them the exact procedure you need to follow to do what you are asking. Every lender is different, but you will most likely need an appraisal. Good Luck

Yes, can can say no... But... I doubt you have a penalty. They haven't been around in years, and most of the ones when they did exist were only for the first two or three years. Generally speaking, assuming it is a standard conforming loan, and you've made at least 24 mortgage payments, and the last 12 were all on time, you can request that PMI be dropped. The lender will almost always require an appraisal from their list of acceptable appraisal companies. If the loan-to-value is under 80%, it should be dropped without any hassle.

It really depends on your loan.. very, very few loans have pre payment penalties.. those that did have them, only had penalties if you paid large payments or paid off completely within the first 5 years... anything after that would not be penalized.. When it comes to mortgage insurance, most MI companies allow for cancelation once you have 20% equity and you have paid for at least 24 months.. It's not based on how much you paid down your mortgage.. it's based on your equity position regarding the homes CURRENT value.. example.. if you borrowed $150K, but paid it down to $120K, then you would be at 80% LTV based on the original loan amount, but if the home is only worth $100K, you would currently be 120% LTV, and you would not be able to drop the MI.. understand that this is how the majority of conventional loans work.. to find out for sure, you should contact your current lender.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com