Residential Mortgage Loans
Interest Rate: 5.000%
Duration: up to 20 years
SINGLE FAMILY DWELLING MORTGAGE LOAN CONDITIONS AND REQUIREMENTS
Listed below are the rates and requirements for a Single-Family Residence Mortgage offered to our members. Condominiums, Townhouses, Duplexes, etc. are ineligible.
- All applicants must be members of the POLISH ROMAN CATHOLIC UNION OF AMERICA. The Board of Directors insists all applicants, husband and wife must have a minimum of $5,000 each of Permanent Life Insurance with the PRCUA and be members of the PRCUA for a minimum of one year. New applicants requesting mortgage from PRCUA will qualify if both new applicants purchase $10,000 permanent Life Insurance.
- No home mortgage will be given to any individual member who has an outstanding delinquent educational loan or certificate loan.
- Mortgage application will only be accepted from members who will reside on the premises.
- Members should apply for mortgage application either in person, by telephone or by written request. An application will then be mailed to member for completion. The application will bear an issue date and if not returned within thirty (30) days after the issue date, the application will not be accepted for processing.
- In the event members are contemplating a mortgage loan for a newly constructed home, the application will not be accepted prior to approximately sixty (60) days before completion of the home.
- The amount of mortgage will be 80% of the appraised valuation or purchase price, whichever is less. The maximum mortgage loan is $350,000.00.
- Non-refundable application fee of must accompany completed application. Please contact our office for the current fee amount.
- In addition to the usual and customary title charges, a charge for preparation and processing of mortgage documents will be deducted from net proceeds of the loan at the time of closing. Please contact our office for the current charge amount.
If you would like more information, please contact the PRCUA Mortgage Department by phone (800) 772-8632 or you can email us at email@example.com.
The Polish Roman Catholic Union of America (“PRCUA”) does issue Educational Loans to student members attending College, under the following conditions:
- Students must be members of the PRCUA. Their membership must be active at least one year prior to applying for a loan.
- The Applicant must be the holder of permanent insurance with the PRCUA, in the amount of $5,000.00 or more, with the proviso that the permanent insurance with the PRCUA is not burdened with any debts.
- The permanent insurance certificate shall be pledged to the PRCUA as additional security for the payment of the loan when due. If insured for less than $5,000.00, additional insurance must be taken to qualify for the loan.
PLEASE NOTE, THAT MEMBER MUST BE A FULL TIME STUDENT (AT LEAST TWELVE CREDIT HOURS) TO BE ELIGIBLE FOR A LOAN.
An applicant cannot receive more than four such loans. Due to the great demand for these loans, the maximum amount granted to each student is $1,000.00 per school year.
The loans are only applied towards the tuition, if the applicant is approved. The check is made payable to the student and the school. Therefore, these loans can only be given after the student is registered in a College.
THIS IS A LOAN THAT THE STUDENT IS OBLIGATED TO REPAY.
There is no interest charged on these loans for the time the student is in school. Six months after the completion of the regular 4 year college course or if the student leaves school, or in default, interest at 5% will be charged.
The application should be completed in full, signed by the member, and notarized by a Notary Public or signed by the Officers of the Society. Return the application to our office together with the letter of REGISTRATION. The form will then be presented to the Educational Aid Committee for consideration.
COMPLETED APPLICATION must be sent to:
Polish Roman Catholic Union of America
984 N. Milwaukee Avenue
Chicago, Illinois 60642-4101