Those who have financed adoption

MayDayGirl

We did a home equity loan last time but since then moved and now rent, so no equity!  We're looking into our options and I am wondering what your experience was with it?

I am looking into an adoption credit card that has 0% interest for 6 months (not sure what the % will be after 6 months though), also a loan through the Abba foundation, but that one you won't know you're approved until your homestudy is already done (boo).  We will be able to pay the loan off in full by the end of 2011, so we only need a shorter term loan.

Any tips/help would be great!

Thanks!

jewele803

We were really lucky to have received an inheritance to cover about 1/2 of our placement fee.  We had saved some more on our own and borrowed a chunk from my family.  We are going to repay them once we receive the adoption tax credit next year...we will be hurrying to get our taxes done early this year!  Maybe you have already considered and rejected this suggestion though...

MayDayGirl

jewele803:

We were really lucky to have received an inheritance to cover about 1/2 of our placement fee.  We had saved some more on our own and borrowed a chunk from my family.  We are going to repay them once we receive the adoption tax credit next year...we will be hurrying to get our taxes done early this year!  Maybe you have already considered and rejected this suggestion though...

We would really prefer to finance it on our own. I know my FIL has the money, but he is retired and most of his extra money is in stocks, so why ask him to take it out for us when we can finance it ourselves you know? We just have to find the right route 

However, if we couldn't get financing for some reason we would ask him.  It's just our last preference.

*Erin&Mike*

We were able to get a low interest loan from the bank.  We were approved for way more than we needed, so we took out what we needed at the time of the match, than we are taking the remainder out at placement.  In the meantime we are applying for grants in hope that we don't need to take any more out than we already have.

jewele803

MayDayGirl:

jewele803:

We were really lucky to have received an inheritance to cover about 1/2 of our placement fee.  We had saved some more on our own and borrowed a chunk from my family.  We are going to repay them once we receive the adoption tax credit next year...we will be hurrying to get our taxes done early this year!  Maybe you have already considered and rejected this suggestion though...

We would really prefer to finance it on our own. I know my FIL has the money, but he is retired and most of his extra money is in stocks, so why ask him to take it out for us when we can finance it ourselves you know? We just have to find the right route 

However, if we couldn't get financing for some reason we would ask him.  It's just our last preference.

 I totally understand...we had almost everything saved but then needed to dip into it to pay for some unexpected house repairs, so we were kind of in a pinch and my parents were thrilled to be able to help out this way.  You're right that everyone has to find their own route...

kmkaull

We were able to use liquid cash/savings thus far.  We anticipate using a 0% interest CC for the finalization costs.  At first we resisted doing this, but finally rationalized that we'd get a lot of airline miles using the cc, and will have it paid off in the new year with the tax credit.

Friends of ours adopted from Korea, and two years later adopted twins in a last minute, "Can you take these babies?" situation.  They lightheartedly say that they'll be in debt for a very long time, but they have a happy family so they could care less. :-)

ColoRxGirl

I didn't want to sacrifice our cash savings, so I borrowed 30K on one of our CC.  They offered me 3.99% for the life of the balance.  No bank was gonna give me those terms.

I'm not a debt-phobe - I look at it kind of like a car payment. 

 

GLynn2009

We saved like crazy for the past two years not taking vactions like we love to do. I paid off some debt and the payments are now going into the baby fund. I think we will be able to pay all of ours without having to borrow but our is only going to be around $5,000 I think.

kgs0505

We did a 401K loan.  Interest was low, but we're paying ourselves back.  With the tax credit, we'll get a lot of it back.