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In this tutorial, Jimmy O'Done explains the commitment letter, a binding offer from a lender detailing the mortgage amount, interest rate, and repayment terms. Most commitment letters are conditional, meaning funding is contingent upon specific criteria being met within a designated timeframe. Conditions may vary by lender and borrower but typically include requirements such as providing additional documents, maintaining credit score and income stability, proving homeowner's insurance, and demonstrating the ability to make the required down payment. A comprehensive understanding of these conditions is crucial for ensuring a smooth and quick transaction.
