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Welcome back to the Sigma Real Estate Glossary with host Jimmy Odone! Today's word is "commitment letter." This is a binding offer from your lender that includes the mortgage amount, interest rate, and repayment terms. Most commitment letters are conditional, meaning the lender will fund the mortgage if certain conditions are met within a specific timeframe. Examples of common conditions include providing additional documents, maintaining credit score and income, having homeowners insurance, and showing ability to make required down payments. A smooth transaction requires meeting all conditions in a timely manner.
