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In this Sigma Real Estate Glossary tutorial, host Jimmy O'Done explains the concept of a commitment letter. A commitment letter is a binding offer from a lender detailing the mortgage amount, interest rate, and repayment terms. Most commitment letters are conditional, with specific conditions that must be met within a set timeframe for the mortgage to be funded. Common conditions include providing additional documents, maintaining credit score and income, obtaining a homeowner's insurance policy, and demonstrating the ability to make required down payments. These conditions vary by lender and borrower. A smooth and quick transaction is possible by meeting these conditions.
