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In this video from the Sigma Real Estate Glossary, host Jimmy Odone explains the concept of a commitment letter from a lender. A commitment letter is a binding offer that outlines the amount of the mortgage, interest rate, and repayment terms. It is contingent on specific conditions being met within a set timeframe. Common conditions include providing additional documents, maintaining credit score and income, having homeowners insurance, and showing ability to make required down payments. A smooth transaction requires satisfying these conditions promptly.
