Loan Amount: The Lender agrees to provide a mortgage loan in the amount of $[Loan Amount] to finance the purchase of the Property.
Interest Rate: The interest rate for the loan will be [Interest Rate]%, fixed for a term of [Loan Term] years.
Repayment Terms: The loan will be repaid in [Number of Monthly Payments] monthly payments of $[Monthly Payment Amount] each, beginning on [First Payment Date], with the final payment due on [Final Payment Date].
Closing Costs: The Borrower agrees to pay all closing costs associated with the loan, including but not limited to appraisal fees, title insurance, and attorney fees.
Insurance and Taxes: The Borrower agrees to maintain hazard insurance and pay property taxes on the Property in accordance with the loan agreement.
Conditions: This commitment letter is subject to the satisfaction of certain conditions, including but not limited to:
The Borrower providing satisfactory evidence of income, employment, and creditworthiness.
The Property appraising for at least the loan amount.
The Property being free and clear of any liens or encumbrances.
The Borrower signing and returning all required loan documents.
Expiration Date: This commitment letter is valid until [Expiration Date]. If all conditions are not satisfied by this date, the commitment may be revoked.