Other Free Encyclopedias :: Law Library - American Law and Legal Information :: American Law Encyclopedia Vol 6

Loan Commitment

Commitment to a borrower by a lending institution that it will loan a specific amount at a certain rate on a particular piece of real estate. Such commitment is usually limited to a specified time period (e.g., four months), which is commonly based on the estimated time that it will take the borrower to construct or purchase the home contemplated by the loan.

User Comments Add a comment…

Loan Shark [next] [back] Load Lines