Regarding mortgage commitments and mortgage pre-approvals, which of the following is not correct ?

1. A mortgage commitment will commit the funds with certainty to the borrower.

2. A mortgage pre-approval will state the interest rate the lender will use if the buyer continues with this lender and gets a commitment from them.

3. A mortgage commitment refers to a letter from the lender agreeing to make the loan subject to satisfactory title and other conditions specified in that commitment.

4. A mortgage pre-approval could only be for a specified amount of time