Loans Help Couples Afford Adoption
By JOHN HENDREN
Published: February 18, 2001
WHEN Gus and Maria Teixeira brought a baby girl from South Korea to their Newark home in October, they faced adoption costs totaling $14,000. Although that is roughly half the price of some international adoptions, it rivaled the bill for the couple's Nissan Altima. So they turned to a familiar source for financing -- a bank, namely MBNA.
Now the Teixeiras are paying for their family expansion the same way they are paying for their 1997 Altima -- by the month. The couple's adoption loan, which was for $14,000 and was structured as a home equity loan, was for four years at a rate of around 12 percent -- about three percentage points above the prevailing rate on an average new-car loan.