After you obtain a loan, the company you make the payments to is "servicing" your loan. They process payments, send statements, manage the escrow/impound account, provide collection efforts on delinquent loans, ensure that insurance and property taxes are made on the property, handle pay-offs and assumptions, and provide a variety of other services.

The percentage relationship between the amount of the loan and the appraised value or sales price (whichever is lower).

An agreement in which the lender guarantees a specified interest rate for a certain amount of time at a certain cost.

The time period during which the lender has guaranteed an interest rate to a borrower.