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In this episode of the Sigma Real Estate Glossary, host Jimmy O'Done defines a commitment letter as a binding offer from a lender that includes the mortgage amount, interest rate, and repayment terms. The letter is conditional, meaning the lender will fund the mortgage if certain conditions are met within a specified time frame. Common conditions outlined in the letter include providing additional documents, maintaining credit score and income, obtaining homeowner's insurance, and showing ability to make required down payments. To ensure a smooth transaction, it is important to meet these conditions.
