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In this episode of the Sigma Real Estate Glossary, host Jimmy O'Done discusses "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, meaning the lender will fund the mortgage if certain conditions are met within a specified timeframe. Conditions can vary, but common examples include the buyer needing to provide additional documents, maintaining their credit score and income, proving homeowners insurance, and demonstrating the ability to make the required down payment. A comprehensive list of conditions usually accompanies the letter, and fulfilling them is essential for a smooth transaction.
