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John Katonah, a senior home loan specialist at Dyea Tech, discusses the importance of the loan commitment letter in the lending process. This document signifies that you are approved for your loan, and the lender is committed to the agreement. It's essential to communicate with your home loan specialist and loan processor to understand any conditional commitments from the underwriter. The commitment letter has an expiration date, necessitating prompt action. It includes key details like the type of loan, interest rate, APR, costs, and total payment. Understanding this information is vital for making informed decisions. Additionally, borrowers should avoid taking out other loans during this period.