Definition
Commitment Letter
A lender’s formal written agreement to make a loan on stated terms, usually subject to remaining conditions.
Nearby terms
Collateral
The property pledged as security for a loan, which the lender may foreclose upon if the note is not paid.
Combined Loan-to-Value
All liens secured by the property divided by its value, including second mortgages and home equity loans.
Comparable Sales
Recently sold properties similar in location, size and condition, used to establish market value.
Conforming Loan
A loan meeting Fannie Mae and Freddie Mac guidelines, including the annual conforming loan limit, and therefore saleable to them.
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