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In this video tutorial, Jimmy Odone from Sigma Real Estate Glossary explains the concept of a commitment letter. This letter 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 specific time frame. Common conditions outlined in the letter may include providing additional documents, maintaining credit score and income, securing homeowners insurance, and demonstrating ability to make required down payments. These conditions may vary by lender and borrower, but adhering to them ensures a smooth and quick transaction.
