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In this video, the host discusses the concept of a commitment letter in real estate. A commitment letter is a binding offer from a lender that specifies the mortgage amount, interest rate, and repayment terms. It is important to note that most commitment letters are conditional, meaning the lender agrees to fund the mortgage only if certain conditions are met within a specific time frame. Common conditions outlined in a commitment letter may include providing additional documents, maintaining a certain credit score and income, having homeowner's insurance, and making required down payments. For a smooth transaction, it is essential to satisfy these conditions.
