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In this episode of Sigma Real Estate Glossary, host Jimmy O'Done explains the concept of a commitment letter, which is a binding offer from a lender detailing the mortgage amount, interest rate, and repayment terms. Most commitment letters are conditional, meaning the lender will fund the mortgage only if certain conditions are met within a specific time frame. Common conditions include providing additional documents, maintaining credit score and income levels, obtaining homeowner's insurance, and demonstrating the ability to make down payments. A smooth and quick transaction relies on meeting these conditions.
