less than 1 minute read

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.

Additional topics

Law Library - American Law and Legal InformationFree Legal Encyclopedia: Load Lines to Market value