Mortgage Commitment Stage

• A mortgage commitment stage is a preliminary stage that follows the application and initial review by the bank through which they promise to lend you money under certain conditions, including a commitment to provide your financial information to the lender.
• The appraisal may still be outstanding– and that appraisal must be satisfactory. It will require proof that the seller is tendering a clear title to the buyer.
• The commitment letter, signed by the buyer, is sent back to the bank as a contract between the buyer and the bank.