Real Estate Term of the Day: Commitment Letter
COMMITMENT LETTER – an official notification to a borrower from a lender indicating that the borrower’s loan application has been approved and stating the terms of the prospective loan (Barron’s Dictionary of Real Estate Terms)
This letter is typically given to the borrower before the loan conditions deadline has passed. It is very important to ask your lender for a commitment letter for your records.
See also: Mortgages 101 & Mortgage Information
LESLIE MONACO REAL ESTATE 