A Demand Loan is a type of loan that the lender can require to be repaid at any time, with often little to no advance warning to the borrower.
Loan modification refers to changes made to the original terms of an existing loan agreement between the lender and borrower, usually to prevent foreclosure and provide financial relief to the borrower.
A mortgage commitment is an agreement between a lender and a borrower to lend money at a future date, subject to the conditions described in the agreement. It is a critical step in the home-buying or construction process, which signifies the lender's intention to offer financing upon meeting specific requirements.
