Mortgage Commitment Letter 

Effective: __________________ Expires: _____________________  

 Amount: $ _______________ 

 _______________________________________________, described herein asLENDE, 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"osingsha"" de"iver a mortgagee tit"e insurance binder from a "icensed tit"e insurer, acceptab"eto LENDE, !hich !i"" provide for the issuance at c"osing of a po"ic) providing that thetit"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 noencroachments or defects(

 A current bui"ding inspection report from a bui"ding inspector acceptab"e to LENDEsho!ing no ma&or structura" defects( +or purposes of this section, ma&or sha"" be definedas reuiring 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 tocorrect the described defects, !hich sums sha"" then be expended to comp"ete theneeded 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 noamount 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 reuired to be purchased b)#%E as condition of obtaining this extension of credit: )ou ma) either purchasethrough 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 reuired to bepurchased b) #%E as condition of obtaining this extension of credit: )ou ma)either purchase through an insurance agenc) of )our choice, or assign an existingpo"ic)(

 At the time of funding this commitment, the #%E2 sha"" have experienced nomateria" adverse change in emp"o)ment(

 

/hat the fo""o!ing individua"s execute a guarantee of prompt repa)ment of the "oan inthe 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 reuired: ____________ 

1f a date is stated be"o!, the "oan !i"" ba""oon at that time: _______, and the principa" ba"ance at that time !i"" eua" $ ________(

ther fees due at c"osing:

 ________________________________________________(

Dated: _____________________________________

 ________________________________________________________LENDEb) 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 eachre"ated part)(