Mortgage Commitment Letter

Effective: __________________ Expires: _____________________

Amount: $ _______________
_______________________________________________, described herein as
LENDE, agrees that it !i"" "end the sum of $__________ to _____________________,
described herein as #$$%E, sub&ect to the fo""o!ing terms and conditions:
'( De"iver) of mar*etab"e tit"e and tit"e insurance( ________________ prior to c"osing
sha"" de"iver a mortgagee tit"e insurance binder from a "icensed tit"e insurer, acceptab"e
to LENDE, !hich !i"" provide for the issuance at c"osing of a po"ic) providing that the
tit"e is mar*etab"e, and free of a"" "iens or charges other than current taxes and:
_______________________________________________________________
#orro!er sha"" provide a current surve) b) a "icensed surve)or sho!ing no
encroachments or defects(
A current bui"ding inspection report from a bui"ding inspector acceptab"e to LENDE
sho!ing no ma&or structura" defects( +or purposes of this section, ma&or sha"" be defined
as re,uiring repair and being more than -. of the purchase price(
/his condition ma) be !aived upon escro!ing of sufficient funds at c"osing to be used to
correct the described defects, !hich sums sha"" then be expended to comp"ete the
needed corrections(
/hat the 0oning or other "and deve"opment restrictions imposed b) "a!fu" authorit) sha""
permit use of the parce" as __________________________(
Credit "ife insurance sufficient to ma*e month") pa)ments during a period of disabi"it)( 1f
an amount is specified, credit "ife insurance is avai"ab"e from LENDE: ___( 1f no
amount is specified credit disabi"it) insurance is not avai"ab"e from LENDE( 1n an)
event, credit "ife insurance if avai"ab"e from LENDE is not re,uired to be purchased b)
#$$%E as condition of obtaining this extension of credit: )ou ma) either purchase
through an insurance agenc) of )our choice, or assign an existing po"ic)(
Credit disabi"it) insurance sufficient to ma*e month") pa)ments during a period of
disabi"it)(
1f an amount is specified, credit disabi"it) insurance is avai"ab"e from LENDE: _____( 1f
no amount is specified credit disabi"it) insurance is not avai"ab"e from LENDE( 1n an)
event, credit disabi"it) insurance if avai"ab"e from LENDE is not re,uired to be
purchased b) #$$%E as condition of obtaining this extension of credit: )ou ma)
either purchase through an insurance agenc) of )our choice, or assign an existing
po"ic)(
At the time of funding this commitment, the #$$%E2 sha"" have experienced no
materia" adverse change in emp"o)ment(
/hat the fo""o!ing individua"s execute a guarantee of prompt repa)ment of the "oan in
the form customari") used in this area for the same:
__________________________________________________________
/he furnishing b) the borro!er of an appraisa" from an appraiser acceptab"e to "ender
sho!ing a "oan to va"ue ratio of at "east ____.(
/he commitment is further sub&ect to the fo""o!ing additiona" terms:
1nterest ate 3A45: ___
Loan /erm: _____________
4oints to be paid at c"osing b) #$$%E: ___
1f an amount is inc"uded be"o!, 4M1 34rivate Mortgage 1nsurance5 is a"so re,uired:
____________
1f a date is stated be"o!, the "oan !i"" ba""oon at that time:
_______, and the principa" ba"ance at that time !i"" e,ua" $
________(
$ther fees due at c"osing:
________________________________________________(
Dated: _____________________________________
________________________________________________________
LENDE
b) an authori0ed officer
Mortgage Commitment Letter
evie! List
/his revie! "ist is provided to inform )ou about this document in ,uestion and assist )ou
in its preparation( /his is a standard mortgage commitment "etter than can be used b)
an) private or pub"ic "ending group or institution( 1t specifies the terms and conditions of
the agreed upon "oan so a c"osing on the propert) in ,uestion can be set up and
arranged bet!een the various parties(
1. Ma*e mu"tip"e copies( 6eep one !ith the transaction fi"e( 7ive one to each
re"ated part)(