Sure. Latter-day Saints typically speak of “salvation” and “eternal life” separately, and eternal life is also know as “exaltation”. By “salvation”, we typically mean being saved from physical death. Latter-day Saints believe that through the atoning sacrifice of Jesus Christ, all are saved from physical death (i.e., all will be resurrected). However, our Father in Heaven desires more than that for us. He desires that we return to His presence, live with Him for eternity, and become like Him, sharing in His life as joint-heirs with Christ. This belief is sometimes known as deification or theosis (becoming ‘gods’). While certain traditional Christian groups have that belief, our belief (which we call exaltation/eternal life) is different in a few senses.
To receive the gift of eternal life, Latter-day Saints believe that one must first have faith in Jesus Christ, repent of their sins, be baptized by proper priesthood authority (because LDS believe that The Church of Jesus Christ of Latter-day Saints is the “one true Church”, we believe that only it has the priesthood of God, and therefore the power and authority to baptize and perform other sacred ordinances), receive the Holy Ghost, and endure to the end. Other sacred ordinances that we believe are essential to receiving eternal life are receiving the holy priesthood of God (for males), being endowed with power from on high (aka the “endowment”), and being eternally married to one’s spouse (we believe that neither the man is without the woman, nor the woman without the man in the Lord). The last two sacred ordinances are performed in temples, which we believe are houses of the Lord (I went today and I love going there). So, we believe that if one has faith in Christ, they will follow His commandments (and of course we believe that some of these commandments the Lord has given in these latter-days through continuing revelation), and receive eternal life.
On confession of sins, Latter-day Saints believe that one must always repent. In general, we can confess our sins directly to God, however certain serious sins should be confessed to one’s local leader, known as a bishop, who can help that person in the repentance process. Because we consider our ordinances (what some call “sacraments”) to be sacred, and include covenants that we enter into with God, reflection and repentance should always be done before participating, so that we do not participate unworthily.
Hope that helps.