Definition A formal offer by a lender making explicit the terms under which it agrees to lend money to a borrower over a certain period of time. also called standby loan commitment or commitment lette [..]

A letter from the lender stating the amount of the mortgage, the term and interest rate of the mortgage, the loan origination fee, the annual percentage rate, and the monthly service charges.

A lender’s written offer to grant a loan outlining the terms, the amount of the loan, the interest rate and any other conditions. It can also serve as a communication of the lender’s decision to the b [..]

A letter setting out the terms on which a creditor may, in principle, make Facilities available. Usually binding regarding fees and any Break Costs which may be incurred prior to execution of a Facility Agreement, but is otherwise non-binding.

Letter prepared by the equipment lessor outlining terms and conditions between the lessee and the lessor for a master equipment lease line of credit.

A commitment letter is a written statement of terms and conditions associated with an offer of credit. The lender provides the commitment lender to the debt applicant after the credit facility has bee [..]

An official notification from a lender stating that your loan application has been approved. The commitment letter also details the terms of the agreement. Also called a Loan Commitment.

A commitment letter is a formal offer by a lender stating the terms under which it agrees to lend money to a home buyer. A commitment letter is also known as a "loan commitment", fir [..]

A letter from an oil or land company that typically offers a mineral owner a specified bonus amount, royalty rate percentage, and a lease term for their minerals. Signing this letter commits the miner [..]

A formal notification from a lender stating that the borrower's loan has been conditionally approved and specifying the terms under which lender agrees make the loan. Also known as a "loan commitment."