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In this episode of the Sigma Real Estate Glossary, host Jimmy O'Done explains that a commitment letter is a binding offer from a lender that details the mortgage amount, interest rate, and repayment terms. Most commitment letters are conditional, meaning the lender agrees to fund the mortgage if certain conditions are met within a specific time frame. Common conditions outlined in the letter include providing additional documents, maintaining credit score and income levels, obtaining homeowner's insurance, and showing ability to make down payments. These conditions vary by lender and borrower. For a smooth transaction, it is important to adhere to the conditions outlined in the commitment letter.
