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Welcome back to the Sigma Real Estate Glossary! Today's word is "commitment letter." A commitment letter is a binding offer from your lender that specifies the mortgage amount, interest rate, and repayment terms. It is conditional, meaning the lender funds the mortgage only if certain conditions are met within a specified time frame. Common conditions include providing additional documents, maintaining credit score and income, proving homeowner's insurance, and demonstrating the ability to make down payments. For a smooth transaction, fulfill these conditions promptly.
