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In this episode of the Sigma Real Estate Glossary, Jimmy O'Done talks about the key concept of a commitment letter in under two minutes. A commitment letter is a binding offer from the lender detailing the mortgage amount, interest rate, and repayment terms. It is conditional, meaning the lender will fund the mortgage if certain conditions are met within a specific time frame. Common conditions include providing additional documents, maintaining credit score and income, obtaining homeowner's insurance, and making required down payments. A smooth transaction requires meeting these conditions.
