Commitment letter
Definition
A lender document describing the amount, rate, term, amortization, and the conditions to meet before funding. Read it with its schedules: a rate hold, an acceptance deadline, and required documents are often written there. A condition not met in time, such as proof of home insurance or an income document, can delay signing at the notary. Note each deadline as soon as you receive it and confirm them with your broker.
For your plans
Before signing, identify each condition, who has to satisfy it, and by when.