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In this video tutorial, Jimmy Odone from the Sigma Real Estate Glossary explains the concept of a commitment letter. A commitment letter is a binding offer from a lender that includes 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 specific time frame. Common conditions include providing additional documents, maintaining credit score and income, having homeowners insurance, and making required down payments. To ensure a smooth and quick transaction, borrowers must meet these conditions.
