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In this episode of the Sigma Real Estate Glossary, host Jimmy O'Done explains the concept of a commitment letter. This letter is a binding offer from a lender that outlines 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 specified timeframe. Common conditions include providing additional documents, maintaining credit score and income levels, obtaining homeowner's insurance, and demonstrating ability to make the required down payment. A smooth and quick transaction depends on meeting these conditions.
