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In this video, the host introduces the term "commitment letter" in the context of real estate. A commitment letter is a binding offer from the lender that specifies the mortgage amount, interest rate, and repayment terms. Most commitment letters are conditional, meaning the lender will fund the mortgage if certain conditions are met within a certain time frame. Common conditions include providing additional documents, maintaining credit score and income, having homeowners insurance, and making the required down payments. Following these conditions is crucial for a smooth and quick transaction.
