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Loan commitment

A written offer by a lender to make a loan by a particular date under certain conditions. A buyer has more clout with a seller if he submits a letter of loan commitment from his lender to the seller at the same time that he submits his offer to purchase to the seller than a buyer who has not even applied for the loan yet.

See also:
  • Landlord
  • Late Charge
  • Lead Based Paint
  • Lease
  • Lease Purchase
  • Lease purchase option
  • Legal Description
  • Lessee
  • Lessor
  • Lien
  • Lifetime Cap
  • Listing Agent
  • Listing Agreement
  • Listing Broker
  • Listing Contract
  • Listing/Listing Agreement
  • Loan Application
  • Loan commitment
  • Loan Commitment
  • Loan Origination
  • Loan Originator
  • Loan to Value
  • Lock In

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