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In this episode of the Sigma Real Estate Glossary, Jimmy O'Done explains the concept of a commitment letter, which is a binding offer from a 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 specified time frame. Common conditions include providing additional documents, maintaining credit score and income, showing proof of insurance, and making the required down payment for a smooth and quick transaction.
