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A commitment letter is essentially a promise from a bank to provide you with a loan in the future, assuming no significant changes occur before the loan is issued. For instance, if you need funds for a construction project that will conclude in six months, you can obtain a commitment letter for a loan of $152,000 at a fixed 5% interest rate for 30 years. This means you won't need the money immediately, but you will have the bank's assurance that the funds will be available once your project is complete, allowing you to focus on your construction without financial worries.
