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In this video, the host introduces the term "commitment letter" in the real estate context, which is a binding offer from a lender specifying the mortgage amount, interest rate, and repayment terms. However, most commitment letters are conditional, meaning the lender's agreement is subject to certain conditions being met within a specific timeframe. Examples of common conditions include providing additional documents, maintaining a stable credit score, proving homeowner's insurance, and demonstrating the ability to make required down payments for a swift and seamless transaction.
