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In this episode of the Sigma Real Estate Glossary, Jimmy O'Done explains that a commitment letter is a binding offer from a lender that specifies 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 specific timeframe. Common conditions may include providing additional documents, maintaining credit score and income, obtaining homeowner's insurance, and making the required down payment. To ensure a smooth and quick transaction, it is essential to meet these conditions.
