Mortgage Commitment

A mortgage commitment is a formal, written promise from a lender to provide a borrower with a mortgage loan under specified terms and conditions. This document is issued after the lender has thoroughly reviewed the borrower’s application, creditworthiness, income, and the property being purchased. The mortgage commitment is an essential step in the home-buying process, as it indicates that the lender is willing to proceed with the loan, subject to certain conditions being met.