Mortgage Glossary
Commitment Letter
Defined by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
A commitment letter is a lender's formal written promise to fund a mortgage, issued after underwriting approves the loan.
What Commitment Letter means
Stronger than a pre-approval, the commitment letter confirms the loan is approved subject to final conditions like a clear title and current pay stubs. Sellers view it as solid assurance the deal will close.
Florida example
A buyer in Naples presented a commitment letter to the seller, who accepted the offer over a competing buyer who had only a pre-qualification.
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