The Mortgage Commitment Letter is a crucial document in Philippine real estate financing that bridges the gap between loan application and final mortgage execution. It is issued after a lender has evaluated and approved a borrower's mortgage application but before the final loan documents are signed. The letter details all essential aspects of the approved mortgage, including loan amount, interest rates, payment terms, and conditions that must be met before fund disbursement. This document, regulated by the Bangko Sentral ng Pilipinas and subject to the Truth in Lending Act, serves multiple purposes: it provides borrowers with written confirmation of the loan approval, outlines all terms and conditions for their review, and serves as a temporary guarantee for other parties involved in the transaction. The Mortgage Commitment Letter is particularly important in Philippine real estate transactions as it often serves as a requirement for property developers and sellers to proceed with property reservations or sales.
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1. Letter Date and Reference Number: Official date of the commitment letter and unique reference number for tracking
2. Recipient Details: Complete name and address of the borrower(s)
3. Subject Line: Clear indication that this is a mortgage commitment letter with property reference
4. Loan Approval Statement: Clear statement confirming the approved mortgage loan and basic terms
5. Property Details: Complete description of the mortgaged property including address and title details
6. Loan Terms and Conditions: Detailed breakdown of loan amount, interest rate, term, and payment schedule
7. Requirements and Conditions Precedent: List of documents and conditions that must be fulfilled before loan release
8. Fees and Charges: Comprehensive breakdown of all applicable fees, charges, and closing costs
9. Validity Period: Expiration date of the commitment letter and terms
10. Acceptance Instructions: Instructions for accepting the commitment letter and next steps
11. Closing Statement: Standard closing remarks and contact information for questions
12. Authorized Signatories: Space for bank representative signatures and titles
1. Insurance Requirements: Detailed insurance requirements if not included in main terms section
2. Construction Terms: For construction loans or properties under development
3. Co-Borrower Details: When there are multiple borrowers involved
4. Special Conditions: Any unique terms or conditions specific to this loan
5. Prepayment Terms: Detailed prepayment conditions if offering flexible payment options
6. Government Subsidy Details: For loans involving government housing programs or subsidies
1. Schedule A - Payment Schedule: Detailed amortization schedule showing payment breakdowns
2. Schedule B - Fee Schedule: Itemized list of all fees and charges with payment timing
3. Schedule C - Required Documents: Comprehensive checklist of required documentation
4. Schedule D - Property Appraisal Summary: Summary of property valuation and appraisal details
5. Appendix 1 - Truth in Lending Act Disclosure: Mandatory disclosure of all loan terms as required by RA 3765
6. Appendix 2 - General Terms and Conditions: Standard bank terms and conditions for mortgage loans
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