You have to have a reasonably good financial
foundation before a lender will approve you for a mortgage loan. They look for a
good credit rating, enough money in the bank to make the initial down payment
and pay the closing costs, and a stable employment situation. People who have
just qualified for a mortgage loan are usually in better-than-average financial
shape. If you have just bought a new house, don't be surprised if you receive a
lot of offers from retail stores and other credit card companies offering you
pre-approved revolving credit.
Be careful about accepting too many of these offers! New home owners have
often wiped out most of their savings to buy their home, and they need
everything from linens to furniture to get settled into it. With all of the
immediate credit available, it may be very tempting to just say "charge
it." If you're not careful, you could be "up to your ears" in
debt very quickly. It takes discipline to reach the goal of home ownership--and
it takes that same kind of discipline to maintain financial health after you
leave the closing table.