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A commitment letter is a document from a bank that guarantees a loan under specific conditions. It’s useful when you don't need the funds immediately, but will require them in the future, such as after construction on a project is completed. For instance, if you need a substantial loan for building a cabin, you can obtain a commitment letter for a set amount, like $152,000 at a fixed 5% interest rate over 30 years, assuming nothing changes significantly in your circumstances. This assures you that the bank is committed to providing the loan when needed, alleviating concerns about future financing.
