Call Me Today: 361-563-7788

What is a Mortgage Commitment Letter?

What is a Mortgage Commitment Letter
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?
Call us at 361-563-7788 or get in touch with us online to tell us what you want from your next home. We’ll begin searching right away.
While you’re here, check out our:

In the meantime, check out these great subdivisions in Port Aransas:


Leave a Reply

Your email address will not be published. Required fields are marked *