Is it good idea to take a 2nd mortgage $100,000 for house $202,000 to buy brand new car and etc?

Can you explain your question? It's hard to understand.

Are you talking about a line of credit, a home equity loan, on top of the mortgage?

What would the total owed be?

To teacher what is it you don't understand unless you don't own a home.

Wonder girl, yes equity but use the cash for other things as well?

What would your total mortgage be? At what percent interest?

Quote:

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Originally Posted by lisa1471

To teacher what is it you don't understand unless you don't own a home.

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I do own homes, but are you asking if you should take a 100K line of credit out on a home worth 212K?

The answer is impossible unless we know everything about every penny you have, make, and owe, just for starters.
Has a lender been willing to lend you that much?
The question might be moot.

To add to the confusion, your title of 'buying first home' makes you sound like you don't even own a property to take out a second mortgage on.

Sorry for confusion son and daughter unlawful brought first house $202,000 put $10,000 making mortgage $192,000 with 2nd mortgage $100,000 asset value $68,000... good jobs string music teacher & bank employee... Just didn't what they're walking into.

I still don't understand - I don't know of a lender who would give a second mortgage of 100,000 to someone who still owes for 95% of their home.

But you are right, it sounds like they didn't know what they were getting into.

(Daughter unlawful? Is that a play on words?)

I think it is a stupid idea to want it all new to start with, and borrow so much money. What if one gets sick or laid off from work.

Why did they NEED, ( not want) a new car. That car will be rust while they still owe and pay for it.

And a new car depreciates in value tremendously the minute it leaves the car lot.

So this happened already and is not a future possibility?