Mortgage Commitment Letter Templates and Samples

What Is a Mortgage Commitment Letter?

A Mortgage Commitment Letter is a written statement prepared by a mortgage lender once your application for a home loan has been approved. This is the final task needed to secure a mortgage from a lending agency and signifies the property is nearly yours. 

Alternate Name:

  • Mortgage Loan Commitment Letter.

The Commitment Letter for a mortgage will also detail the final terms and conditions in the approval. This letter also details the type of loan, such as a loan from the Department of Veterans Affairs, people purchasing their first home, etc. The letter also includes the total dollar amount the purchaser is borrowing, the interest rate, and the repayment plan for your home loan. 

Mortgage Commitment Letter Types

In order to help speed the home buying process along and to avoid being outbid by another prospective buyer, it is important to be pre-approved for a home loan before shopping for a home. This step also needs to be completed before you will receive a Mortgage Commitment Letter.

Not sure of how to begin writing your letter? Use the documents below as a reference when drafting a Mortgage Commitment Letter or fill out and print our ready-made template:

  1. Generic Mortgage Commitment Letter
  2. Sample Mortgage Commitment Letter

What Happens After a Mortgage Commitment Letter?

Once you receive the approval letter you will need to sign it and send it back to your lending agency within a given timeframe. Often the letter will contain specifics that you will need to complete, such as acquiring insurance for homeowners, fire, flood, or title. 

This time is also known as closing and is the point in time during which you will sign your mortgage. This is when the seller will also sign the deed, thus transferring the property to you. However, the trustee will hold the title to the property until you have completely paid off your mortgage.

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