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In this episode of the Sigma Real Estate Glossary, host Jimmy O'Done explains the concept of a commitment letter from a lender. This letter is a binding offer that specifies the mortgage amount, interest rate, and repayment terms. It is important to note that most commitment letters are conditional, meaning the lender will fund the mortgage only if certain conditions are met within a specific time frame. Common conditions may include providing additional documents, maintaining credit score and income, having homeowners insurance, and making the required down payment. To ensure a smooth and quick transaction, borrowers must adhere to these conditions.
