Ok will look into that but people do apply for 2nd loan while buying a hpuse too.
Yes they do. My sister-in-law told me that she and my brother refinanced their new house after being in it for about a year. I said, oh that's great, it pays to get a better interest rate, and she said yes, they also received a credit line of $25,000. I said great, you never know when you might need it. Could be a heat pump or something else could go wrong, and then you have a source to pay for it. To which she replied, oh, I've already spent the 25,000. That shocked me, and I blurted out, On What?????. She replied, i paid off the credit cards, and i asked (again in shock) what did you buy that cost 25,ooo And she said well I had to furnish the house. And once again I was appalled, she bought e everything on credit and couldn't
Well that's what she did, they wound up taking money out of his 410 and eventually going into chapter 11. She doesn't work, she really only worked possibly 8 years, and she's about 54. They are dead broke. They have no wiggle room, they spent the money from my parents estate in three months. The entire amount. The estate was settled in 1999, I invested, my brother went into deep debt. My house has been paid for at least since 2003/2004 possibly earlier. That's $2,000 a month I can use amy way I wish. So I can pay cash for cars, or cash for home repairs or remodeling, so in my retirement years I can relax.
Yes, many people max out their credit cards, buy houses they can't afford and cannot maintain, and buy cars with money they don't have. If you think money is only important when you're young, wake the hell up and plan.
But, good luck, I gave you my best advice and I shared a horror story. Hopefully you will not assume you are too cool for school. So, since I'm not responsible for feeding or housing you, take your best guess. My situation should remain stable, I hope your situation fits you well.