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  • Get Insurance
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←Frequently asked questions

What is a loan commitment?

A loan commitment is a letter from a lender indicating your eligibility for a home loan. In essence, it is the lender's promise to fund the loan as stated by the terms in the letter. You receive a loan commitment letter once your application has been reviewed and the underwriting process is complete.

Related questions

  • Will I have a point of contact at Better Mortgage?
  • Am I committing to Better Mortgage by getting pre-approved?
  • What do I need to do to lock my rate?
  • How quickly can I close my loan?
  • Do I need to have an escrow account?
  • Can I transfer my current escrow account?
  • Is my data secure?
  • When should I get a real estate agent?
  • What does close of escrow mean?
  • What does a cash reserve or mortgage reserve mean?
  • What is a gift letter for a mortgage?
  • What is a flood certification?
  • What does closing on a house mean?
  • What is a closing disclosure?
  • What is a co-applicant on a mortgage?
  • What is the meaning of co-borrower on a mortgage?
  • Question: What does collateral mean on a mortgage loan?
  • Question: What does comparable sale or comp mean in real estate?
  • What is the definition of a down payment?
  • What is a loan consultant and what do they do?
  • What does a loan processor do?
  • What is a mortgage note?
  • Question: What is a purchase contract in real estate?
  • What are qualifying ratios and how do mortgage lenders use them?
  • What is a survey in real estate?
  • What is a termite letter for closing?
  • What is an underwriter and what do they do?