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Lock commitment letter

A written statement from a lender verifying that the price and other terms of a loan have been locked. Borrowers who lock through a mortgage broker should always demand to see the lock commitment letter.

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  • Part of Speech: noun
  • Synonym(s):
  • Blossary:
  • Industry/Domain: Banking
  • Category: Mortgage
  • Company:
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  • Acronym-Abbreviation:
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