Finance
In NJ, a 'mortgage commitment letter' from a lender represents:
AFinal loan approval with no further conditions
BA conditional approval indicating the lender's willingness to fund the loan provided specified conditions are met before closing✓ Correct
CA guarantee that the property will close
DA commitment by the seller to accept the buyer's mortgage
Explanation
A mortgage commitment letter is a conditional agreement from the lender indicating willingness to fund the loan if specified conditions (e.g., satisfactory appraisal, clear title, insurance) are met. It is not a final, unconditional loan approval.
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