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Welcome to the Bow Tie Breakdown with Gary Morin. Today's topic is the mortgage commitment letter, a crucial document in any financing transaction. Issued by the lender, it confirms their commitment to providing the buyer with the loan on the specified closing date. This letter follows thorough income, employment, and credit verifications, as well as appraisals. The lender begins by verifying employment, credit, and income, before sending everything to the underwriting department for approval. The letter is typically sent two weeks before the closing date. If you enjoy the video, don't forget to like and subscribe!
