Mortgage Commitment

Definition of "Mortgage commitment"

Karen Gore real estate agent
Karen Gore, Real Estate Agent Charles Rutenberg Realty

The willingness of a lender to give a mortgage to a mortgagor. A mortgage commitment will give a time period the mortgage will be given and an indication of the interest rate to be charged on the mortgage. The mortgage will actually be granted at a closing. For example, John obtains a mortgage commitment from a bank to give him a $100,000 mortgage to buy a home for $150,000. The closing will be in six weeks and the bank gives a lock-in clause of 8% on the mortgage.


Need help from a real estate agent?

Buy Sell Rent

I agree to receive FREE real estate advice.

Are you a realtor and want to become a member?

Residential Rental Commercial

I agree to receive FREE real estate advice.

Have a question or comment? We're here to help.


*** Your email address will remain confidential.


Popular Real Estate Terms

Popular Real Estate Questions