Q: What’s a commitment letter in a board package?
You will receive a Commitment Letter from your lender once the bank’s underwriter has signed off on your loan. This must be included in your Board Package.
Remember, as a rule, if you are applying for a mortgage, managing agents do not accept any papers until you have a Commitment Letter in hand. When you work with Meier Real Estate on buying a Co-op property, we always plan on having the Board Package ready to go before the Commitment Letter due date (if you are financing). Once the Commitment Letter comes in, you usually only have a few days to submit the Board Package, so it’s best to stay on top of these short deadlines and be prepared.