What is a term sheet, and is it binding?
A term sheet is a written statement of the deal a lender is prepared to make — amount, rate, term, fees, and conditions. It is not a binding commitment to lend, but at Turnrow it is a genuine quote: the terms on it are the terms the file closes on, subject to appraisal and clean title.
Neither side is locked by a term sheet. You can walk away at no cost; the lender's obligation is conditioned on the property appraising and title clearing. What makes one term sheet worth more than another is how few ways it can move. A bank's letter is conditioned on full income underwriting still to come — weeks of ways to change. A no-doc term sheet has exactly two open items: value and title.
Read the conditions section first, before the rate. Look for the stated LTV cap, whether the rate is locked or floating until closing, what the appraisal condition says happens on a low value, and every fee with a dollar sign. A term sheet that gets vague in the conditions section is telling you something.
Signing it also marks the credit transition: this is the point where the soft pull becomes a hard pull as the file heads to closing. Until your signature is on it, your credit report is untouched.
The Turnrow angle
Turnrow issues term sheets in 24–48 hours precisely so you can shop them against your bank's timeline — a real number in hand beats a maybe in committee.
Related questions
Five minutes, zero documents, and a written term sheet in 24–48 hours answers most questions faster than reading.
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