If you’re approved for a loan, the lender determines how much you can borrow and gives you a commitment letter. The letter confirms the terms of the loan, including the date it
matures,
the
interest rate,
the charges and fees you will be expected to pay, the closing requirements, and the time you have to complete your purchase — usually 30 to 90 days.
If you agree to the lender’s terms, you sign and return the letter. But if you’re disappointed with what’s being offered, you may want to contact the lender to see if you can work out the discrepancies between the interest rate, required points, or other terms you expected when you applied for the
mortgage
and the terms and conditions you’re being offered.
