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In this episode of the Sigma Real Estate Glossary, the word of the day is "commitment letter". A commitment letter is a binding offer from a lender that includes the mortgage amount, interest rate, and repayment terms. It is 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, having a homeowner's insurance policy, and showing ability to make down payments. To ensure a smooth transaction, it is important to fulfill these conditions.
