The MIP is an upfront fee you pay to obtain an FHA loan. This insurance covers costs associated with reselling FHA financed homes that go into default. Same as title insurance. Protects both the lender and buyer from losses incurred should a dispute arise over title to the property. Indicates a person is not the same person with the same name who has liens or judgments against him or her.
Compares persons overall debts to their monthly gross income.
Final payment on a loan. When a property is sold, the sale contract usually requires that the entire amount remaining on the seller's existing loan is payed with a lump-sum payoff. Items that are not permanently attached to the home or other property structures, e.g. furniture and freestanding appliances. An inspection for termites and other wood-destroying pests. The total monthly payment cost.