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In this episode of Sigma Real Estate Glossary, host Jimmy O'Done defines a commitment letter as a binding offer from a lender detailing 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 time frame. Common conditions include providing additional documents, maintaining credit score and income, obtaining homeowner's insurance, and demonstrating the ability to make down payments for a smooth and quick transaction.
