A claim of money against a property. The value of the property is used as security for repayment of the debt.
A point at which the loan will be finalized and legally executed with signatures of the borrower. This is also the point at which Escrow will collect any funds due as stated on the Closing Disclosure.
The relationship between the loan amount and the value of the property, used to determine what type of loan you might qualify for and how much you can borrow.