Definitions for "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.
Written agreement outlining a future commitment by a lender to reserve funds for a borrower, subject to terms and conditions.
A WRITTEN NOTIFICATION FROM THE MORTGAGE LENDER THAT THE BORROWER HAS BEEN APPROVED FOR THE MORTGAGE LOAN. THIS COMMITMENT WILL OFTEN HAVE CONDITIONS THAT MUST BE MET BEFORE THE FUNDS WILL BE ADVANCED.