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In this episode of the Sigma Real Estate Glossary, host Jimmy O'Done defines a commitment letter. A commitment letter is a binding offer from a lender detailing the mortgage amount, interest rate, and repayment terms. Most letters are conditional, meaning the lender will fund the mortgage if specific conditions are met within a set timeframe. Common conditions may include the buyer providing additional documents, maintaining their credit score and income, proof of homeowners insurance, and verification of down payment capability. A complete list of conditions will typically be outlined, and adhering to them ensures a smooth and quick transaction.
