Legal Question in Real Estate Law in Maryland

Mortgage Commitment Letter

I have in hand a Mortgage commitment letter (not a pre-approval)

this letter list all features of the loan

interest rates etc. I would like to know if this commitment letter is legally binding.


Asked on 4/05/08, 8:25 pm

1 Answer from Attorneys
Carter Ferrington Bar Adon Vogel PLLC

Re: Mortgage Commitment Letter

No. Every mortgage committment letter I have read remains conditional. These letters invariably contain all sorts of language which gets the lender off the hook if they want to avoid lending you money. Re-read the letter and start counting all of the conditions!

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Answered on 4/07/08, 10:52 am


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