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In this episode of the Sigma Real Estate Glossary, host Jimmy O'Done introduces the term "commitment letter." A commitment letter is a binding offer from a lender that specifies the mortgage amount, interest rate, and repayment terms. Most commitment letters are conditional, meaning the lender will fund the mortgage if certain conditions are met within a specific time frame. Common conditions include providing additional documents, maintaining credit score and income, obtaining homeowner's insurance, and making the required down payments. To ensure a smooth transaction, it is essential to meet the conditions outlined in the commitment letter.
