Pre-approval is a lender's conditional commitment to provide financing up to a specified amount, based on a review of the borrower's income, credit, and assets.
Getting pre-approved before shopping for real estate signals to sellers that you are a serious, qualified buyer. It also gives you a clear picture of your budget so you can focus on properties within reach. In fractional ownership, financing options vary from traditional mortgages to specialized lending, so understanding your pre-approval status early is especially important.
GoForth, a luxury co-ownership company, works with buyers to understand their financing needs from the start. Because each owner purchases a 1/4 interest through an LLC structure, the financing process can differ from a traditional home purchase. GoForth's team connects prospective owners with lenders experienced in co-ownership transactions, making the pre-approval process straightforward.