The total amount you are putting down on your loan.
LTV: (Loan to Value) A term that lenders use regarding the loan program you are applying for. Loan to value is the ratio of your loan amount vs your down payment. (Ex: a 95%LTV on a $100,000 house means you are financing $95,000 and your down payment is $5,000)
PITI: (Principal, Interest, Taxes, Insurance) A term that lenders use regarding the total payment you will be responsible for.
DTI: (Debt to Income Ratio) A term that lenders use regarding the your eligibility for a loan. (Ex: if you pay $1,500 a month for your mortgage and another $500 a month for an auto loan, your monthly debt payments are $2000. If your gross monthly income is $6000, then your debt-to-income ratio is 33 percent.)
PMI: (Private Mortgage Insurance) AKA Lenders mortgage Insurance - Typically when you put down less than 20% down payment the lender will require you to purchase PMI. PMI is not insurance for you, it is insurance for the lender in case you default on your loan. PMI is now permanent on your loan unless you refinance after you have 80% equity in your home OR you financed via a conventional loan.
A thorough examination of a home's condition by a third party.Home inspections are usually conducted by a home inspector who has the training and certifications to perform such inspections.
Insurance that covers your home and belongings from damage, accidents, theft. This is required in order to finance.
A form of indemnity insurance predominantly found in the United States which insures against financial loss from defects in title to real property and from the invalidity or unenforceability of mortgage loans.Highly recommended however not required.