Real Estate Glossary

What is Mortgage Insurance?

Mortgage insurance is a type of insurance that lenders require from borrowers who have less than a 20% down payment on their home. The insurance protects the lender in case the borrower defaults on the loan. There are two types of mortgage insurance: private mortgage insurance (PMI) and government-backed mortgage insurance. PMI is provided by private companies, while government-backed mortgage insurance is provided by the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA). The cost of mortgage insurance is typically added to the borrower's monthly mortgage payment.

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Beycome Family of Companies: Beycome Mortgage LLC provides home loans; Beycome Brokerage Realty LLC, Beycome Brokerage Realty Inc., and Beycome of Florida LLC provide real estate services; Beycome Title of Florida LLC provides title insurance services. These are separate entities under Beycome Corp., each governed by its own management as required by law, but all owned by the same individuals, forming a business relationship.
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