If you are buying a home for the first time, you need to establish a reasonably good financial foundation before a lender will approve you for a mortgage loan. Lenders look for a good credit rating, sufficient funds 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 recently purchased a new house, don't be surprised if you receive numerous offers from retail stores and other credit card companies offering you pre-approved revolving credit.

Be careful about accepting these offers! New home owners often use most of their savings in the process of financing the transaction, and they need everything from linens to furniture to get settled in the home. 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.

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Peg Maloney
RE/MAX Real Estate Group
9805 Giles Rd
Omaha
Ne 68128
402-598-3965
800-248-6647
402-594-2000
Fax: 402-593-0454
peg@maloney.com

Licensed to sell real estate since 1982, Peg has been selling the entire Omaha metro area, including Papillion, Millard, Bellevue, Ralston, and Offutt Air Force Base. With a proven track record, and references from many satisfied buyers and sellers, Peg gives extraordinary service to families coming to or leaving Omaha. She has become a Certified Residential Specialist, a Certified Relocation Specialist, an Accredited Buyer Representative, and a Seniors Real Estate Specialist. You'll enjoy the process of buying or selling because Peg makes it so easy and fun!