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In this episode of the Sigma Real Estate Glossary, host Jimmy O'Done explains the concept of a commitment letter. A commitment 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 as long as certain conditions are met within a specified time frame. Common conditions in a mortgage commitment letter include providing additional documents, maintaining credit score and income, obtaining homeowners insurance, and making required down payments. Smooth and quick transactions require meeting these conditions.
