If you’re buying a home for sale in Port Aransas and you’re borrowing money from a lender to do it, you’ll get a mortgage commitment letter.
What is a Mortgage Commitment Letter?
A mortgage commitment letter isn’t the same thing as a preapproval letter. (A preapproval just says that the lender is willing to give you the money to buy a house if your financial situation doesn’t change before you officially apply.)
A mortgage commitment letter is an official document from your lender that says its underwriting department has completed the process and your loan is definitely approved. It also includes the type of loan you’re getting, its terms, and other conditions you have to meet for final approval, and it’ll include your interest rate, as well.
The letter will expire, and if your closing date is past the expiration date, you’ll need a new letter. The expiration period varies by lender, but it’s usually around 30 days from the date it’s issued.
Are You Buying a Home in Port Aransas or on North Padre Island?
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