Also called a Commitment letter, it's a lender's written offer stating the terms, the amount of the loan, the interest rate and any other conditions under which it agrees to lend money to a homebuyer.
A formal offer by a lender stating the terms of a loan.
a binding pledge by a lender to a borrower to make a loan, usually at a stated rate within a given time for a given purpose, subject to the borrower's compliance with stated conditions
a binding promise to lend
a document issued by a mortgage lender that will notify the homebuyer that they have been approved for a mortgage loan
an agreement to lend and usually contains the terms under which the loan is approved
AHFC issues "loan commitment" after the lender submits a loan file and AHFC determines the loan request meets AHFC guidelines.
Lender's contractual commitment to make a loan based on the appraisal and underwriting.
A formal agreement to lend up to a specified dollar amount during a specified period.
is a promise by a lender to provide a specified amount of money (the mortgage) in order to close on a home. Loan commitments also will specify the mortgage's interest rate and a time frame, usually 60 days, within which the loan must be used.
An agreement by a lender to make a loan for a certain amount, subject to certain conditions being met, covering a specific period of time.
A agreement by a lender to make a loan in the future if all the conditions in the agreement are satisfied.
The document that the lender issues to set forth all terms and conditions that have been agreed to by the parties. The loan documents are based on this document. The commitment usually comes after the lender has done their due diligence on the property and is satisfied that there will be no surprises.
A written promise to draw up a loan for a specified amount and term.
The commitment letter states the dollar amount of the loan being offered, the number of years you have to repay the loan, the loan origination fee, the points, the annual percentage rate, and the monthly charges. The letter also states the time you have to accept the loan offer and to close the loan. Make sure you understand all aspects of the commitment letter because by signing it, you indicate your acceptance of its terms and conditions. The commitment letter states the dollar amount of the loan being offered, the number of years you have to repay the loan, the loan origination fee, the points, the annual percentage rate, and the monthly charges. The letter also states the time you have to accept the loan offer and to close the loan. Make sure you understand all aspects of the commitment letter because by signing it, you indicate your acceptance of its terms and conditions.
Written promise to make a loan for a specified amount with specific terms.
A commitment letter is issued by the lender; the lender agrees to make the loan to the borrower and sets forth the terms upon which the loan will be granted.
A promise made by a lender to advance a specific loan amount on specific terms.
A lender's agreement to advance money on specified terms after specified conditions are met.
A lender's agreement to lend a specified amount of money; must be exercised within a set time limit.
(1) A binding obligation to perform an act or loan money within a specified period of time in accordance with specific terms and conditions. (2) A contract, usually in writing, under which a lender and borrower agree to enter into a loan transaction.
A written document that states that a mortgage company has agreed to lend a buyer a certain amount of money at a certain rate of interest for a specific period of time, which may contain sets of conditions and a date by which the loan must close.
An agreement to lend money, usually for a specific amount to be repaid by a specific date. This commitment is contingent upon the accuracy of the information submitted by the applicant.
A formal offer by a lender stating the terms under which it agrees to lend money to a home buyer.
A written offer or notification from a lender stating the terms under which it agrees to lend money to a home buyer. Also known as a Commitment Letter.
A written promise by a lender to make a loan under certain terms and conditions. These include interest rate, length of the loan, lender fees, annual percentage rate, mortgage and hazard insurance and other special requirements.
A promise by a lender or other financial institution to make or insure a loan for a specified amount and on specific terms.
A written promise to make a loan for a specified amount on specified terms.
An agreement to lend money, generally of a specified amount, at specified terms at some time in the future.
A formal offer by a lender making explicit the terms under which it agrees to lend the money to a borrower over a certain period of time.
A commitment from a lender to provide a loan to a home buyer at a specific rate, for a specific period of time and for a specific property. (Same as loan approval.)
A commitment by a lender of the amount he will loan to a qualified borrower on a particular piece of real estate for a specified amount of time under specific terms.
A written agreement between lender and borrower to loan money at a future date, subject to the specified terms and conditions.
Based on an appraisal and underwriting of the buyer's qualifications, it is a lender's contractual commitment to the loan.
A written offer from a lender to provide financing to a borrower. The commitment letter states the terms under which the lender agrees to provide financing to the borrower. Also called a commitment letter.
Formal offer by a lender stating the terms under which it agrees to loan money to a homebuyer.
A lender's promise to advance a specific sum on specific terms.