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In this episode of the Sigma Real Estate Glossary, host Jimmy O'Done discusses the concept of a commitment letter from a lender. This letter is a binding offer that includes the mortgage amount, interest rate, and repayment terms. Most commitment letters are conditional, meaning the lender will fund the mortgage as long as certain conditions are met within a specific time frame. Common conditions include providing additional documents, maintaining credit scores, showing proof of insurance, and making required down payments. A smooth and quick transaction requires meeting these conditions.
