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In this video, the host introduces the term "commitment letter" as a binding offer from a lender that specifies the mortgage amount, interest rate, and repayment terms. These letters are conditional, meaning the lender will fund the mortgage if certain conditions are met within a set timeframe. Common conditions include providing additional documents, maintaining credit score and income levels, securing homeowner's insurance, and making required down payments. Meeting these conditions ensures a smooth and quick transaction.
