Finance
When a Texas lender issues a commitment letter, it means:
AThe lender guarantees the interest rate permanently
BThe lender has conditionally approved the loan subject to specified conditions✓ Correct
CThe loan has funded and closed
DThe property has passed inspection
Explanation
A loan commitment letter is the lender's conditional agreement to fund the loan, subject to specified conditions being met (such as receiving a satisfactory appraisal, title commitment, and verification of income/assets). It is not a guarantee.
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