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ladies and gentlemen welcome back to the sigma real estate glossary in under two minutes i'm your host jimmy o'done and the word of the day is commitment letter let's go a commitment letter is a binding offer from your lender that includes the amount of the mortgage the interest rate and repayment terms keep in mind most commitment letters are conditional which means the lender agrees to fund the mortgage as long as certain conditions are met and within a certain time frame now conditions are probably going to vary by lender and by borrower but a few examples of common conditions outlined in the mortgage commitment letter include the buyer must provide additional documents there cannot be a change to the buyer's credit score income there must be proof of a homeowner's insurance policy the buyer must show they're able to make the required down payments those are just for to name a few usually it's going to be a whole list of them if you want a smooth and quick transaction then you must get all these documents to the lender as fast as possible because this is what's going to separate you from being able to get to the closing table and what's keeping you just waiting on the sidelines do yourself a favor when you get this list of items knock them off one two three get everything to the lender and you'll be right on your way to closing usually you're gonna get the commitment letter after the appraisal on the home has been done so you'll be under contract they do the appraisal then you get the commitment letter it'll probably take a month from contract to when you actually get this but when you do get this move quick so you can get to the closing table and as usual if you want to be notified when the next vocab word comes out which is next monday then go ahead hit the subscribe button ding the bell and i will see you here next time i'm jimmy o'done and this was the sigma real estate glossary in under two minutes