Loan Commitment Letter

It’s never too early to start! The better prepared you are as a buyer, the better your chances of obtaining that home of your dreams!

There are actually three levels of qualifications that a potential home buyer may have after contacting a lender. Please keep in mind that not all lenders may have the same standards or definitions, so be sure to check with YOUR lender.

When a borrower wants or requires a commitment letter, we may begin with a preapproval letter with the commitment letter following once we receive the underwriters approval.

A loan commitment letter means that not only has the applicant been preapproved but also an underwriter has reviewed the application and the letter will include all conditions to the loan approval. The lender is committing to lend to the borrower per the terms stated in the commitment letter. A loan commitment letter may take longer to prepare as it requires an underwriter to review the application and supporting documentation.