Finance
In New Mexico, what is a 'mortgage commitment letter'?
AThe final closing documents
BA written commitment from the lender to provide the loan under specified terms, conditional on certain requirements✓ Correct
CThe appraisal report
DThe title insurance commitment
Explanation
A mortgage commitment letter (loan commitment) is the lender's formal agreement to fund the loan, specifying loan terms, conditions to be satisfied before closing, and expiration date. It is stronger than pre-approval.
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