Hello Everyone, Happy Holidays!!! My husband and I are thinking of taking out an adoption loan for the remaining fees. Has anyone used an adoption loan to help with the fianances? If so how did you go about finding a loan??? Thank youHappy Holidays!!!
Some people take out a loan on their house...others apply for a credit card. Others have borrowed against their retirement.
Vera :)
We went through some sort of national adoption foundation and were able to secure a loan through MBNA for our first adoption.
This time we were in better shape financially and so borrowed from our retirement.
We are financing our entire adoption with a loan. A Home Equity line of credit with Wachovia. They had real good rates.
I do not recomend credit cards, the finance charges are ussualy very high.
Good luck,
Diana SC
Adopting from China with CCAI
hi we also got our home equity loan from wachovia. they were great and helped us alot and we got the money really quick which was great so we could start the process good luck
barbra and mike
adopting from guatamala
If you don't want to mortgage your house, become a member of a credit union and try their personal loans. Typically a personal loan has a lot higher interest rate than a mortgage, but through credit unions they're a lot cheaper. Plus they are usually only for 5 years, instead of having a 15 year 2nd. My credit union allows you to borrow 2 months gross salary. Just a thought!
Because I believe that is when your debt is looked at. I don't know if everyone has the experience of their debt being looked at. They usually don't do credit reports/checks, but ours did ask for bank statements, a financial statement/form that we had to complete about assets and liabilities, and a monthly budget that we had to fill out to give them an idea about our expenditures and what was leftover. We also had to give them recent statements for things we made payments on (student loans and mortgage for us).
You also want to ask around when you are researching agencies to find out when payments are due. Rarely would you have to give a large amount at the beginning of the process, I think. Our biggest lump expense will be at referral, where we will have to pay 1/2 the country fee. Everything before that was reasonably spread out.
It depends on your country, but I think for us (Guatemala), the homestudy was the only time our debts were/will be looked at -- the remaining financial stuff is all about verifying income, I believe.
Don't depend on the adoption tax credit to immediately pay back part of your loan -- you have to really examine your taxes (if you are good at that) or consult with your accountant to help you reasonably predict how long it will take you to get the entire tax credit.
Once you figure out the spread of your expenses, you may want to take out two loans (at different times) instead of one, so that you aren't making payments with interest while a big lump of money is sitting in the bank.
Good luck,
WE did a loan for both of our adoptions pretty early in the process. We just explained that that was the money for the adoption and had it sitting in savings. It earned a little intrest and we made 6 moths owrth of payments before the baby arrived. This could be more depending on what country you adopt from. We used a credit uniun loan. Navy Federal has a loan that can be secured by anything of value that is paid for. We had a trauck that was paid off, and really not worth as much as we borrowed by we had a fair intrest rate this way. The second loan we used my husbands car but they said they could use land, boats, cars etc.
Bank of America used to have an adoption loan program.
The National Bank of Canada has low-interest adoption loans especially for Canadians adopting internationally.