A pledge or promise, usually of a specified time period, given by an individual to follow a particular way of life, based on the Gospels.
A formal offer by a lender to make a loan under certain terms or conditions to a borrower.
Title insurance term for the preliminary report issued before the actual policy. Said report shows the condition of title and the steps necessary to complete the transfer of title as contemplated by buyer and seller.
A written agreement, between a lender and a borrower, to loan money at a future date under specified conditions. In secondary marketing, a written agreement between a lender and an investor to buy and sell mortgages under specific terms.
A pledge or obligation to carry out some action or policy or to give support to a policy or person.
a strong promise to do something for yourself or for someone else
A commitment is when a lender and a borrower agree to loan money under certain conditions for a future date. This is usually in writing.
An agreement to perform a particular activity at a certain time in the future under certain circumstances. see also capital commitment, firm commitment offering, loan commitment, forward commitment, rate lock, standby commitment
the singleness of heart and mind that overcomes every obstacle to fulfill the promise of God; a pledge or promise to do something.
An agreement by a lender to provide long-term financing to a builder secured by an existing proposed building. The commitment usually provides for the substitution of a to-be approved owner/occupant at a higher loan amount than committed to the builder.
A contract issued by a lender reciting the basic terms of a loan and accepted by the borrower.
A written promise issued by a lender. It outlines the specific terms for a specific period of time.
A promise by a lender to make a loan on specific terms or conditions to a borrower if all terms and/or conditions are met by the borrower.
An agreement to loan a specified amount to a purchaser in the event of title transfer or to a seller in a refinance arrangement.
(Mortgage Offer) A written promise from a lender to make or insure a loan for a specific amount and on specified terms.
A written agreement between lender and a borrower to loan money, at a future date, subject to specific conditions. A loan commitment would be an agreement to lend and represent another term for loan approval.
In the Federal Family Education Loan program (FFELP), a commitment occurs when the guaranty agency issues a commitment to the lender for a loan.
A lender's promise to make a loan. A loan commitment may be either firm or conditional. If it is conditional, the loan will not be made unless certain conditions are fulfilled.
Condemnation Conditional Commitment
A written promise by a lender given to the borrower to offer a mortgage at a set amount, a certain interest rate, and cost. Such a commitment will have a time limit on it; usually 30-60 days.
A written agreement between the lender and the borrower agreeing to the terms of the mortgage to close at a future date.
In real property, an agreement in advance to loan a certain sum of money.
A promise by a lender to issue a mortgage based upon certain conditions being met.
A promise by a broker or investor to purchase or lend money on specified terms and conditions.
An agreement, often in writing, between the lender and a borrower to loan money at a future date at stated terms provided certain conditions are met.
A formal agreement between a lender and borrower to lend up to a specified amount of money at a specified future date subject to specific performance criteria and repayment terms.
An agreement, often written, in which a lender promises to lend money on certain terms for a specified period.
Agreement between lender and borrower to lend money (for a limited time), subject to compliance with stated conditions.
As applied to mortgage loans, a promise of loanable funds.
In general, a commitment is a pledge by the lender to make mortgage funds available to a buyer for the express purpose of buying a home or residence. Such as an agreement is conditioned on the buyer having provided accurate qualifying information as well as satisfying all underwriting requirements.
A promise by a lender or an investor, usually in writing, to loan money with specific terms and conditions.
A document that states the lender agrees to lend a certain amount of money for a certain period of time, provided the applicant complies with certain conditions.
A promise to do something in the future. A finance lending institution´s promise or commitment to make a loan. The commitment may be “firm” or “conditional.” A conditional commitment might be contingent on something such as a satisfactory credit report on the borrower.
An agreement to a loan specified amount to a purchaser in the event of title transfer of a seller in summarizing the costs involved when selling property.
A written agreement from a lender promising to lend money on certain terms for a specified time period.
Also called "binder." A document issued by a title insurance company that contains the conditions under which a policy of title insurance will be issued.
A loan commitment is an agreement to lend and usually contains the terms under which the loan is approved.
A promise by a lender to make a loan, on specific terms or conditions, to a borrower or builder. It can also be a promise by an investor to purchase mortgages from a lender with specific terms or conditions. It can also be the agreement (or, in its absence, the refusal) to engage in a long-term relationship with someone with whom you may or may not be in love. There are no easy answers here. However (OK, we'll continue this digression) you might consider the old 80/20 rule: if it's really good 80% of the time, it's probably love, and you might as well commit.
An agreement, verbal or written, made by a lender to loan money to a borrower subject to compliance with certain conditions. Also referred to as a "loan approval" or "notification of loan approval".
A promise by the lender to make mortgage funds available for the express purpose of financing a specific property. Such a promise is conditional based on the buyer having provided accurate qualifying information, as well as having satisfied all underwriting requirements.
A lender's offer to grant a mortgage loan outlining the terms, the amount of the loan, the interest rate and other conditions. It can also serve as a communication of the lender's decision on the borrower's application.
An agreement, often in writing, between the Lender and the Borrower to loan money at a future date subject to the completion of paperwork or compliance with stated conditions.
An agreement for future action. A rate commitment would be an agreement to lend at a certain rate. A loan commitment would be an agreement to lend and represents another term for loan approval.
A commitment is an agreement, often in writing, between a lender and borrower, to lend money at a future date, subject to the stated conditions.
A piece of paper from a lender that says congratulations, your loan request has been approved. The lender is committed to fund the loan. Some commitments have conditions which are stated in the commitment document and must be resolved prior to or at closing or the commitment is revoked.
A pledge, promise, or firm agreement such as lender’s commitment to lend.
An agreement to lend money at a future date to a borrower.
An agreement, often in writin make the monthly payments on a mortgage.
A written promise of loan provided by the lender.
In real property, a lender’s agreement to provide mortgage funding to a borrower.
When the title search is completed, the title company issues its commitment to insure the closing stating the conditions under which it will insure the title.
A written promise to make or insure a loan for a specified amount and on specified items.
An approval to provide a mortgage to an applicant under for a specific timeframe and terms.
A formal offer by a lender stating the terms under which it agrees to loan money to a homebuyer.
A written letter of agreement detailing the terms and conditions on which the mortgage company will lend money to finance a home.
A pledge, promise or affirmation of agreement.
A promise by a lender to make a loan on specific terms or conditions to a borrower or builder. A promise by an investor to purchase mortgages from a lender with specific terms or conditions. An agreement, often in writing, between a lender and a borrower to loan money at a future date subject to the completion of paper work or compliance with stated conditions.
A lender's offer to give a loan to the borrower. It typically includes information such as the amount to be borrowed, interest rate, term of the loan and other conditions.
A promise by a lender to make a loan on specific terms or conditions to a borrower. A contract between purchaser and a seller of real estate to convey title after certain conditions have been met. It is a form of installment sale.
An approval of the mortgage to close at a future date, subject to the specific terms and conditions that have been agreed upon between lender and borrower.
A written agreement by a lender to make a loan on specific terms, or an investorâ€(tm)s promise to purchase mortgages only from certain lenders with certain conditions.
The written report of the title company showing status of title and pledging to issue a title insurance policy when the requirements shown therein are met.
an approval of a mortgage application in writing, stating term and conditions, delivered to the Applicant(s) for signing. If acceptable, it must be signed and returned to the lender within a specific time period.
A pledge, promise, or firm agreement, such as a title insurer's contractual obligation to insure title to real property.
A pledge or promise to do a certain act, such as the promise of a lending institution to loan a certain amount of money at a fixed rate of interest to a qualified buyer, provided the loan is obtained on or before a certain date.
A promise by a lender to make a loan on specific terms or conditions to a borrower or builder. A promise by an investor to purchase mortgages from a lender with specific terms or conditions. Construction loan (interim loan) - A loan to provide the funds necessary to pay for the construction of buildings or homes. These are usually designed to provide periodic disbursements to the builder as it progresses.
A document given by a lender outlining the terms of an approved mortgage, sometimes requiring acceptance by the purchaser.
A promise by a lender to make a loan within a specified time period, subject to compliance with stated conditions. The lender's obligation expires if the borrower does not close the loan prior to the expiration date of the commitment.
a binding pledge made by the lender to the borrower to make a loan, usually at a stated interest rate within a given period of time for a given purpose, subject to the compliance of the borrower to stated conditions.
The notification that a lender has approved a loan. Virtually all commitments are issued conditionally; that is, subject to some list of conditions that must be satisfied prior to funding actually taking place. Typical conditions include appraisals of a certain value, clean title, verification of representations by the borrower, etc.
The placement of a purchase order or signing of a contract or other agreement for the provision of goods or services.
A written promise made by a mortgage lender based on specific terms and conditions to the borrower.
A lender agreeing or committed to specific terms, on a written document, to a contractor or borrower.
An agreement, often in writing, between a lender and a borrower to loan money at a future date subject to compliance with stated conditions. (See Conditional, Firm, Standby and Tak~Out Commitment.)
A promise by the lender to make mortgage funds available for the express purpose of financing a specific property. Such a promise is conditioned on buyers' having provided accurate qualifying information, as well as satisfying all under writing requirements.
A promise by a lender to make a loan at a future date on specified terms and conditions. A promise by an investor to purchase a specified amount of mortgages from the loan originator.
A binding contract with a title company to issue a specific title policy, showing only those exceptions contained in the commitment and any intervening matters after the date of the commitment and prior to the effective date of the policy. The commitment contains all information included in the preliminary title report, plus a list of the title company's requirements to insure the transaction. It also includes the standard exceptions from coverage that will appear in the policy.
A written letter of agreement, between a lender and a borrower to loan money at a future date subject to the stated conditions.
A pledge by the lender to make mortgage funds available to a buyer for buying or refinancing a home. This agreement is conditioned on the buyer having provided accurate information and satisfying all conditions and requirements.
A notice from a mortgage lender to a prospective borrower that the lender will advance mortgage funds in a specified amount under certain conditions.
A promise by a lender to make a loan with specific terms for a specified period.
A banking term used to indicate an agreement between the lending institution and borrower to advance money in the future, subject to terms and conditions.
A promise made by a lender to supply financing if certain conditions are met by the borrower.
A written letter of agreement detailing the terms and conditions by which the lender will lend and the borrower will borrow funds to finance a home.
This is a promise by a lender to make a loan on specific terms or conditions to a borrower or builder. A commitment may also be a promise by an investor to purchase mortgages from a lender with specific terms or conditions. A commitment from a lender to a borrower is typically in writing and guarantees to loan money at a future date subject to the completion of paperwork and/or compliance with stated conditions.
An agreement, often in writing, between a lender and a borrower, to loan money at a future date, subject to specified conditions. In secondary marketing, an agreement, in writing, between a lender and an investor to buy and sell mortgages under specific terms.
A written offer of a mortgage loan by a lending institution . Often in the form of a letter, the commitment specifies the terms and conditions of the mortgage loan being offered to the prospective borrower.
A promise to lend and a statement by the lender of the terms and conditions under which a loan is made.
A promise, usually in writing, to provide a mortgage or other loan. May also be used in insurance field. Sets out details of mortgage, insurance. Often referred to as Commitment Letter or Binder.
The written guaranty by a title company committing (Title Commitment) said company to issue title insurance on a specific property once certain requirements have been met. The requirements are outlined in the commitment, along with the items which will be excluded from coverage (the “subject to†section of the title commitment).
A legal binding agreement between a lender and a borrower.
A promise to do something. In mortgage lending, Some lenders require a commitment fee to guarantee the commitment to make the loan.
A written agreement, between a lender and a borrower to loan money at a future date. The commitment will be subject to certain conditions.
An agreement by a title insurance company to issue a policy in favor of a proposed insured upon acquisition of a specific property.
A politician's solemn pledge that somebody else will do something --- and that you will pay dearly for it.
An agreement, in writing, between a lender and a borrower to loan money by a specific date and at a specified interest rate subject to the completion of paper work or compliance with stated conditions. Also known as "locking in" the interest rate.
A promise to perform in the future.
When a lender agrees to lend a specific amount, with rates, terms, conditions and covenants... in writing.
A formal offer by a lender stating the terms under which it agrees to lend money to a home buyer. Also known as a 'loan commitment.'
A written agreement specifying the terms and conditions under which a lender will loan and a borrower will borrow funds to finance a home.
A written agreement between a lender and a borrower to loan money on specific terms or conditions.
promise from a lender to make a loan, under certain terms. Commitments are issued for a limited period of time.
A letter / document issued by a lender reciting the basic terms of a loan which when accepted by the borrower forms a binding contract.