What is a Loan Commitment?
If you’re buying a home for sale in Tampa Bay, you’ll most likely need a mortgage loan – most people do. But what is a mortgage commitment or loan commitment, and what does it mean for you when you’re buying a house?
What is a Loan Commitment?
A loan commitment is a document a lender issues after you’re approved to borrow money to buy a property. You’ll only receive a mortgage commitment letter after your lender’s underwriters have verified your ability to repay the loan – and that only happens after they’ve combed through your credit report, checked your W2 statements, evaluated past years’ tax returns and verified all your other income and expenses.
This is different from a preapproval (you need a preapproval before you even start house-hunting). This is a firm commitment to let you borrow the money necessary to buy a specific home only (if you choose a different home, you’ll have to run it by your lender again – the lender will want an appraisal of the new house and some of the paperwork will have to be re-filed).
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