re: First time home buyer

Private Mortgage Insurance (PMI)is usually required by the lender on conventional loans when you put down less than 20%. You pay a premium on a policy that pays the bank if you default and the proceeds of the collateral don't cover the balance owed. So it's a complete waste of money for you. Try to put down enough, pay extra principal early, or whatever, to get out from under it.

I put down just 5% back in the day, but I paid for an appraisal of my house a couple years later that showed it had increased in value enough that they then had a 20% cushion. Got out of PMI. The appraisal paid for itself in a few months of savings.

Title Insurance: The lender will require you to pay the premium on a lender's policy that covers the bank if there is a title dispute. You will likely have the option to also get an OWNER'S policy for some extra money.

Many waive it, but I say get it. It is a one-time premium that covers you as long as you own the place. You never know when a boundary/survey issue could arise, a lunatic illegitimate child of a prior owner shows up and claims he was left out of daddy's succession, or the like. Turn that junk over to the title insurer, and they provide a lawyer and cover any losses. Otherwise, you hire your own attorney, and just one or two of his hourly fees will likely exceed the premium you will wish you paid.