Standard fees are title insurance, recording and survey fees. There are also many variable fees, including application fee, points, appraisal and credit report fees, and closing fees. Homeowners Insurance - Insurance required by lenders to protect you against fire, and in some cases flood or hurricane. Most policies also protect the homeowner against theft and liability should someone be injured on the property. Index Rate - A numerical figure used in economics that describes relative changes in some quantity.
Example is the consumer-price index.
Interest Rate Lock - Lenders guarantee that the mortgage rate quoted will be good for a specific number of days from day of application. Inspection - An evaluation of the property to determine if there are any problems with it that could change its value. An inspection helps the buyer decide if there are any items the seller needs to repair before the final closing. The inspector is expected to carefully examine the entire house, inside and out, and follow up with a written detailed report. Margin - The percentage added to the index rate each time the interest rate is adjusted.