What is a Mortgage Commitment, and How is It Different From Preapproval?

What is a Mortgage Commitment and How is It Different From Preapproval

When you’re buying a home, getting preapproved for a mortgage is an important step. But what happens after you’ve been preapproved? You might think that the next step is to commit to a mortgage, but that’s not always the case. In fact, there’s a big difference between getting a mortgage commitment and getting preapproved. This guide explains what that difference is and how to get the right one for you.

What is a Mortgage Commitment, and How is It Different From Preapproval?

When you’re buying a home, getting preapproved for a mortgage is an important step. But what happens after you’ve been preapproved? You might think that the next step is to commit to a mortgage, but that’s not always the case.

A mortgage commitment is a written agreement from a lender that says they’re willing to lend you a certain amount of money for your home. This is different from preapproval because it’s written by an official underwriter.

Related: The differences between a home inspection and a home appraisal

What Are the Benefits to Getting a Mortgage Commitment?

There are a few benefits to getting a mortgage commitment:

  1. It’s an important step in the home-buying process.
  2. It shows that you’re a serious buyer.
  3. It gives you more bargaining power with sellers.
  4. It can help you get a better interest rate.

How to Get a Mortgage Commitment

If you’re interested in getting a mortgage commitment, there are a few steps you’ll need to take:

  1. Find a lender who offers mortgage commitments.
  2. Get preapproved for a mortgage.
  3. Submit your loan application and supporting documentation to the lender.
  4. The lender will then underwrite your loan and issue a mortgage commitment.

The Difference Between a Preapproval and a Mortgage Commitment

The main difference between a preapproval and a mortgage commitment is that a mortgage commitment is issued by an underwriter, while a preapproval is not. A preapproval is simply a letter from a lender saying that you’re qualified for a loan up to a certain amount. A mortgage commitment, on the other hand, is a binding agreement from the lender that they’re willing to give you a loan for a specific amount of money.

Related: 3 secrets to getting the perfect home in a red-hot market

When Should You Get a Mortgage Commitment?

You should get a mortgage commitment when you’re ready to move forward with the home-buying process. This typically happens after you’ve found a home and you’re ready to make an offer. It’s important to get a mortgage commitment before you sign a purchase contract, because this will give you more leverage with the seller.

How to Prepare for Getting a Mortgage Commitment

If you’re planning on getting a mortgage commitment, there are a few things you’ll need to do:

  1. Find a lender that offers mortgage commitments.
  2. Get preapproved for a mortgage.
  3. Submit your loan application and supporting documentation to the lender.
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7107 Hernando Court Tampa, Florida

3 Beds 2 Baths 1,296 SqFt 0.02 Acres

Under contract-accepting backup offers. Mid-Century Charm Meets Modern Comfort offering Timeless Appeal. Welcome to your own private paradise in the heart of Lake Magdalene—as you step into this inviting home with its blend of nostalgic character and thoughtful updates. Fun retro details give a nod to the home’s roots while modern updates provide functionality and style. Situated on a large corner lot with mature landscaping-over one-third-acre homesite. This beautiful three-bedroom, two-bath home offers the perfect blend of tranquility, space, and style in one of Tampa’s most coveted neighborhoods. Step inside to discover luxury vinyl flooring flowing seamlessly throughout the home, complemented by fresh, neutral paint that sets the stage for any décor. The spacious, light-filled living and dining area creates an inviting atmosphere for entertaining, while the separate family room offers a cozy retreat for everyday relaxation. The kitchen is thoughtfully designed with a charming eat-in area—perfect for morning coffee or casual meals. Retreat to the generous master suite, featuring its own private bath complete with a newly-tiled walk-in shower. Two additional bedrooms are ideally situated sharing a well-appointed hall bath. Major updates provide peace of mind, including a new roof in 2024 and updated windows (2016 & 2017), ensuring years of worry-free living. Outside, the expansive yard is a verdant oasis, ideal for gardening, play, or future outdoor enhancements.
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2308 Cape Bend Avenue Tampa, Florida

3 Beds 2 Baths 1,653 SqFt 0.36 Acres

Stunning Florida Home in Gated West Hampton in an A Rated School District & Highly Desirable Area -NO CDD fees 

Welcome to your dream home in sought-after West Hampton. This spacious 4-bedroom, 3-bathroom + large bonus room home boasts 3,086 sq. ft. of heated living area and a spacious 3-car garage, offering both elegance and functionality. With its thoughtfully designed 3-way split floor plan, this home offers ultimate privacy and room for everyone.

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12801 Stanwyck Circle Tampa, Florida

4 Beds 3 Baths 3,086 SqFt 0.23 Acres

Outstanding home in the Carrollwood area with over half an acre!  This 5BR & 3BA pool home includes an enormous flex room for a multitude of living options!  Entertain & host away - with a huge center kitchen island, a gas range, large cabinets, exhaust, & an open floorplan design.  Your family room overlooks impressive pavers, a covered lanai area, & a private pool.  The deep lot offers privacy & a paver fire pit & sitting area too.  This split plan design is perfect for families & also an in-law design (if needed).  No carpet here.... the main living areas & bedrooms have gorgeous (wood style) tiled floors.  Seldom do you have the opportunity to have all this space & be in the heart of Carrollwood!  Close to everything convenient to the Carrollwood area & minutes from shopping centers, dining, parks, & easy access routes for commuting!  Come see how private & spacious this lot & home feel & why you'll value the incredible location!  This home has a whole house water filtration system, a newer roof ('23), water softener system, & propane for selected home functions.  A portion of the garage was enclosed for additional living area.  Currently a functional oversized 1-car garage with ample storage.  A home and location like this does not come on market often!  Schedule to view and see what makes this home so special! $1,000,000 Active

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5 Beds 3 Baths 3,787 SqFt 0.57 Acres

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