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A commitment letter is a document from a bank that assures you of future loan approval, provided there are no significant changes in your situation. In the context of financing a cabin, you may need funds in six months, after which you plan to convert a building loan into a mortgage. The bank charges a fee for the commitment letter, which specifies that you can secure a loan of $152,000 at a fixed interest rate of 5% for 30 years. This guarantees that the bank will provide the loan when you require it, alleviating worries about securing funding later on.
