A legal hold or claim on property as security for a debt or charge.

A written promise to make a loan for a specified amount on specified terms.

The relationship between the amount of the mortgage and the appraised value of the property, expressed as a percentage of the appraised value.

The fixing of an interest rate or points at a certain level, usually during the loan application process. It is usually done for a certain period of time, such as 60 days, and may require a fee or premium in the form of a higher interest rate.