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Welcome to the Sigma Real Estate Glossary with Jimmy Odone. Today's word is "commitment letter." This is a binding offer from your lender that includes the mortgage amount, interest rate, and repayment terms. It is conditional, meaning the lender funds the mortgage if specific criteria are met within a set timeframe. Common conditions include providing documents, maintaining credit score and income, having homeowners insurance, and making down payments. A smooth transaction requires meeting these conditions promptly.
