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Welcome back to the Sigma Real Estate Glossary! Today's word is "commitment letter." This is a binding offer from your 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 set timeframe. Common conditions include providing additional documents, maintaining credit score and income levels, showing proof of insurance, and demonstrating the ability to make down payments. To ensure a smooth transaction, it's important to meet these conditions.
