We are going through the long, annoying, and seemingly invasive process of getting our first home loan (for our first IP). I would like to get some people's opinions on which way to go ...
We were in the process of adopting a child when we got told 6 months ago that we could go no further until we have some more assets. It was suggested we buy a house. So we looked into IP's and became interested, not just for the adoption but also as a long term asset for retirement. So we are finally half way through the application for a home loan and things look promising.
Then we got a phone call a couple weeks ago from the adoption people saying that things have changed and that we can go ahead again with the adoption with or without getting a house. Adoption is our number one priority (and I don't want any advice/ comments on what people think of this please), but now we are unsure of whether or not to proceed with this home loan or reapply later next year.
In about 3-6 months time we will have to fork out between US$6,000 - $10,000 to the orphanage for the adoption, and then a couple months after that we will need approx $7,000 for flights and accomodation/ visa/ immigration etc to pick up our new child. We can either save for this (which means no IP), or get out a personal loan (or equity from the IP?) if we have an IP.
I would like to know what way people would go if it were them. Which way would be most do-able?
Thanks,
Kristy
We were in the process of adopting a child when we got told 6 months ago that we could go no further until we have some more assets. It was suggested we buy a house. So we looked into IP's and became interested, not just for the adoption but also as a long term asset for retirement. So we are finally half way through the application for a home loan and things look promising.
Then we got a phone call a couple weeks ago from the adoption people saying that things have changed and that we can go ahead again with the adoption with or without getting a house. Adoption is our number one priority (and I don't want any advice/ comments on what people think of this please), but now we are unsure of whether or not to proceed with this home loan or reapply later next year.
In about 3-6 months time we will have to fork out between US$6,000 - $10,000 to the orphanage for the adoption, and then a couple months after that we will need approx $7,000 for flights and accomodation/ visa/ immigration etc to pick up our new child. We can either save for this (which means no IP), or get out a personal loan (or equity from the IP?) if we have an IP.
I would like to know what way people would go if it were them. Which way would be most do-able?
Thanks,
Kristy
