Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

letter of commitment

Read a random definition: Sentence

A quick definition of letter of commitment:

A letter of commitment is a written promise from a lender to give someone a loan. The letter usually says how much money the lender will give, how much interest the borrower will have to pay, and other important details. It's also called a commitment letter.

A more thorough explanation:

A letter of commitment is a written document that outlines an offer made by a lender to grant a mortgage loan. It includes details such as the loan amount, interest rate, and other terms of the loan.

For example, if someone is looking to buy a house and needs a mortgage loan, they may receive a letter of commitment from a lender. The letter will state the amount of money the lender is willing to loan, the interest rate, and any other conditions that must be met.

This letter is important because it shows that the lender is committed to providing the loan and gives the borrower a clear understanding of the terms of the loan. It can also be used as proof of financing when making an offer on a house.

letter of comment | letter of credence

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
llama
17:22
@syddak: Thanks G! Will do.
17:25
Must consoom!
17:28
don't forget the free large drink upgrade 😎
Denny
17:41
One mcchicken is not enough i need at least 4 of em
17:42
rutgers said no omgggg i'm so mad
17:45
it's ok they got a lot of apps
18:05
@Denny: U missed it yesterday. I think Im the chat champ for McChicken downing: 10+10mcdoubles.
18:05
@nattyalley: Oh naur. :C Well sum will come ur way!
FriendlyLuckySchooner
18:05
Anyone else still waiting on Berkeley
18:07
YM is waiting on Berk
[] ararara
18:10
Come on people keep those vibes climbing up!!
18:10
yay go rejections and wls
[] ararara
18:11
Don’t take anything personally! Life is challenging!
18:11
sorry im just discouraged lol
[] ararara
18:12
Don’t ever apologize you’re crazy
18:12
._.
18:37
@Besmirchin: jeez man, what a tough cycle
18:37
@FriendlyLuckySchooner: I heard from berkeley on Monday after applying at the deadline. Not sure if that is helpful
19:39
@Besmirchin: It'll be aight chap, keep ur chin up!
MrThickRopes
20:12
waves tmrw?
who up at mich asd
Mr ropes go public I wanna see your schools
MrThickRopes
20:17
You wit da fuzz?
20:17
it public
DeterminedSlimyAlligator
20:35
How to get scholarships as an international student of law
21:49
waves tmrw?
I love you a lot
IrishDinosaur
22:13
@MrThickRopes: hope so! who ya waiting to hear from?
22:16
check da profi
22:16
le
LSD+ is ad-free, with DMs, discounts, case briefs & more.