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.
Stunning Florida Home in Gated West Hampton  – A True Gem

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.

Upon entering, you'll be captivated by the rich wood and tile flooring throughout, seamlessly blending with the home’s tasteful finishes. The expansive kitchen opens to the family room & features stainless steel appliances, wood cabinets, breakfast-bar, pantry closet, a built-in desk, and plenty of space for family meals or entertaining. The heart of the home flows effortlessly into the open living and dining areas, making it perfect for gatherings of all sizes. Escape to the alluring primary bedroom & ensuite featuring dual walk-in closets & vanities, separate water closet, large shower and a relaxing soaking tub. 

Upstairs, you’ll find a huge bonus room — an ideal space for a media room, playroom, or home office. The possibilities are endless!
The private fenced yard offers a tranquil retreat, with a covered lanai and lush tropical landscaping surrounding the space. Whether you're enjoying the Florida sunshine, hosting a barbecue, love to garden, have kids (to include fur babies), this backyard is perfect for outdoor and low maintenance living. 

Recent upgrades including a 2023 Roof, and 2024 AC system & Paint ensure peace of mind for years to come.
In addition to the home's impeccable features, this West Hampton community offers a range of amenities perfect for families and outdoor enthusiasts. 

Take a stroll along the sidewalks, explore the scenic walking trails, or relax by the tree-lined tranquil pond with a fountain and park bench. Kids will love the nearby playground, and nature lovers will appreciate the wildlife sightings — deer, turkeys, hawks, and even eagles are frequent visitors to this beautiful setting.

Convenience is key with Top-Rated schools, Shopping, World Renowned Beaches, Tampa Bay Downs, Local Breweries, Theme Parks, Elev8, Culinary Diverse Cuisines for the Foodies, Ice Hockey & Skating rink, TIA, Fishing, Skiing, Boating, Kayaking/Canoeing nearby and the 36-hole Eagles Golf & Country Club, where you can enjoy a round of golf and more wildlife encounters.

This home offers an unparalleled combination of comfort, luxury, location, and peace of mind. A smart choice with NO CDD fees & NOT in a flood or evac zone. Don't miss out on this opportunity to make this West Hampton beauty yours & schedule your tour today! $749,800 Active

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! $1,050,000 Active

3906 Floyd Road Tampa, Florida

5 Beds 3 Baths 3,787 SqFt 0.57 Acres

Under contract-accepting backup offers. Amazing 3BR/2.5BA/1 Car Garage home for sale in the perfect location of West Tampa!  RECENT UPGRADES: ROOF 12/24, CRAWLSPACE ENCAPSULATION & FILTER SYSTEM 11/24, EXTERIOR PAINT '25, INTERIOR PAINT '25, NEW CARPET '25, & Newer first floor laminate.  X Zone: Non-Required/Optional Flood Insurance & high elevation (estimated 30ft)! This 2-Story home has newer luxury plank vinyl throughout the main floor, open family room concept, stainless steel appliances, half bathroom (downstairs), a great front patio under shingle, & plenty of storage space! Upstairs, you'll find a large master suite with walk-out balcony, large walk-in closet & private bath. Additionally, 2 bedrooms share a full bath (Jack and Jill layout) & washer/dryer set-up (in main upstairs hallway area). Enjoy a high seer rated A/C unit system ('18). Lastly, there is alley access to a 1 car attached garage, long driveway, & fully fenced yard (complete with manual roller/gate)! Great location & home!  The West River expansion of the RIVERWALK/ARMATURE WORKS/Hillsborough River is rapidly expanding on the west-side of the river & this home is in the heart of it all!  Close to downtown, U. of Tampa, Channelside, Hyde Park, The Heights, Riverwalk, Armature Works, NOHO, SOHO, Channelside, and much more!  Come see this home today!  See attached tours and website! $465,000 Pending

2130 W Spruce Street Tampa, Florida

3 Beds 3 Baths 1,518 SqFt 0.06 Acres

Are You Buying or Selling a Home in Tampa Bay?

You can use this website to search homes for sale in Tampa Bay and all its communities. Our site is directly connected to the Tampa Bay MLS, and we update our listings every hour. You can even use our site to create your own account and get emails as soon as a new home hits the market, price change alerts and so much more.

While you’re here, check out these listings: