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In this episode of the Sigma Real Estate Glossary, host Jimmy O'Done discusses the concept of a commitment letter. A commitment letter is a binding offer from a lender that includes the mortgage amount, interest rate, and repayment terms. Most commitment letters are conditional, meaning the lender agrees to fund the mortgage if certain conditions are met within a specific timeframe. Common conditions in a mortgage commitment letter may include providing additional documents, maintaining credit score and income, having proof of homeowner's insurance, and making required down payments. Adhering to these conditions ensures a smooth and quick transaction.
