Commitment Fee

Definition

  • A sum paid by a borrower to a lender in exchange for a promise to lend money on certain terms for a specified period.

Synonyms
solidify obligation, assurance fee, deposit

Related Terms and Acronyms

  • Commitment Definition,
    • A written agreement from a lender promising to lend money on certain terms for a specified time period.
  • Finance Charge Definition,
    • Charges that include all of the interest expected to be earned over the life of a loan, in addition to the service charges, mortgage insurance premiums, and other loan-related charges.
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