HRFA Certificate Loan

If members are in need, they can apply for a low-rate loan against their whole life policy.

Contact the Home Office to apply.

HRFA Residential Mortgage Loan

Application Procedure:

The applicant must be a member in good standing for a minimum of two years. On a joint application, at least one person must be a member to qualify. The applicant must remain a member (no surrenders) for the duration of the mortgage. Also, all premium dues must be up-to-date.

A letter to request a mortgage loan should be addressed to the President. The request is transferred to the Treasurer, who sends information and an application form to the member.

Contact the Home Office to apply.

Requirements:

• No building loans, commercial or industrial mortgages will be granted.
• This must be a first mortgage.
• The maximum loan is 80% of the appraised value of the applicant's residential property (limited to a one or two family home). It is not to exceed a $200,000 principal.
• The maximum term of a mortgage is 25 years.
• The interest rate to be charged on any mortgage loan will be determined by the Executive Committee. The interest is at a fixed rate.
• There is no pre-payment penalty.
• A $125 non-refundable application fee is required.
• An appraisal from a licensed appraiser is required.
• A credit report will be obtained by the HRFA in conjunction with your application.
• Information regarding the documents required to close the mortgage are supplied to the applicant by the Treasurer's Department.
• All the required documents are reviewed and must be approved by the Legal Counsel. Refinancing of an existing mortgage with the HRFA has a 1% fee on the amount to be financed, with no application fee.
• The application fee is donated, in the name of the applicant, to the Student Aid Fund. This is done upon closing of the mortgage loan and submission of all necessary documents, including the recorded mortgage and title insurance policy.