A mockup is a wireframe with real color, typeface, and imagery applied. It's a static picture of what the final screen will look like — the focus shifts from structural layout to visual decisions like tone, color, typography, and image treatment.
It's most often confused with a prototype, but nothing in a mockup responds to a click. Each screen is its own flat image or file, and no transition or state change is defined between them. To show how something behaves, a mockup has to be wired up in a prototyping tool and promoted into a prototype.
On teams with an established design system, making a mockup is mostly assembling existing components. Without one, the mockup stage is often where the color palette and type scale get decided for the first time.
When to use
Use it once structure is settled and you need sign-off from stakeholders on how the thing will actually look. If you need to validate behavior, you need a prototype, not a mockup.