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What You Need to Know About Refinance Documents and Paperwork

If you're thinking about refinancing your home, you can probably remember all the paperwork it took to get your mortgage approved -- and you might be feeling daunted.

But the process doesn't need to be complicated. Buying your home was the hard part and refinancing is comparatively straightforward. Read on to find out what steps to take and what documents you'll need.

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Why You Need to Contact Your Lawmaker Today

As Congress considers new infrastructure spending, lawmakers are considering unconventional sources of revenue to fund their plans. One proposal under consideration would require financial institutions like Listerhill (as well as other financial institutions such as banks) to report to the Internal Revenue Service (IRS) many activities on accounts with balances over $600. Such an unprecedented grab of your personal financial data raises several concerns.

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Law
Mortgage Refinance Requirements

When interest rates decline, refinancing your mortgage can be a good way to save money. How much you can save depends on the equity you have in your home, what your new interest rate will be, and the length of your new mortgage. The savings could be substantial.

The following overview of mortgage refinance requirements can help you decide whether you are ready to apply for a new home loan.

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How to Do a Cash-Out Mortgage Refinance

The term cash-out refinance refers to obtaining a new mortgage to replace your existing one and getting cash back in the process. You essentially take out a new loan for a greater amount than your current mortgage and spend the cash back how you see fit.

If you have a conventional or Federal Housing Administration (FHA) loan, you can typically receive up to 80 percent of the value of your home. You could receive up to 100 percent of your home’s value with a Veterans’ Administration (VA) loan.

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Calculating cashback
Our Great Giveback Grand Prize Winner, Percy Jones

During our Great Giveback campaign, we gave four lucky winners $500 cash and paid $25,000 towards an even luckier winner’s loan (or combined loans). Our grand prize winner this year was Mr. Percy Jones AND to make the prize even more grand, we donated $2,500 in his name towards St. Jude Children’s Hospital.

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Greatgiveback
How Much House Can I Afford to Buy?

For most people, buying a home will be the biggest purchase of your life – so you want to make sure you get it right.

You've got to consider the kind of property you want, the location, schools, commute, and all those other lifestyle factors. Most importantly, you have to think carefully about your budget and how much house you can afford.

The house price is only one factor that goes into determining your monthly mortgage payment. It's made up of several different parts and you'll need to understand them all before you can figure out what house you can afford.

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Living room
What is Mortgage Insurance?

With the demand for new homes increasing by nearly 25 percent from 2020 to 2021—and many homes going for tens of thousands of dollars over the asking price—coming up with a 20 percent down payment has become even more difficult for many home buyers.

What’s a potential home buyer to do?

One option to consider is mortgage insurance. But what is mortgage insurance? Listerhill Credit is here to help.

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Understanding the Different Types of Mortgages

Shopping for a mortgage is exciting, but it can also seem as if you need to learn a whole new language. What is a conventional loan? What does fixed-rate and adjustable-rate mean?

We're here to answer these questions and more to help you feel confident as you begin the process of applying for a mortgage.

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Neighborhood
How to Refinance Your Mortgage

The historically low mortgage interest rates of under three percent have left many Alabama homeowners wondering if they should refinance their mortgage. While pursuing a mortgage refinance now could provide several benefits, it is important to understand the benefits and weigh the pros and cons.

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Financial Resources UNA Students Can Take Advantage of at Listerhill

College students have so much to keep track of – at a minimum academics, sports, clubs, and social events. Keeping up with any financial assistance program requirements, working, and applying for jobs or internships can also be important aspects of life at most colleges and universities. That’s why for many students, even though they’re crucial, banking and financial literacy can often take a back seat.

Listerhill Credit Union appreciates that simply making it to graduation can be a full-time occupation. That’s why we offer financial resources, products, and services that make money management convenient and accessible to even the busiest folks.

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Frequently Asked Questions

  • How am I eligible for membership at Listerhill if I don't live near a branch?

    You can become eligible for membership at Listerhill anywhere in Alabama if you join the Alabama Consumer Council or the Athens State Alumni Association. In Tennessee, you can also become eligible for membership if you join the Athens State Alumni Association. This membership is initiated at no cost to you and doesn't require any setup on your part outside of the normal application process to become a member of Listerhill.

  • How can I access my Listerhill accounts without a nearby branch?

    If you live in Alabama or in south central Tennessee but don't have a Listerhill branch location nearby, there are still plenty of ways to access your accounts. You can use our online banking, mobile banking app, and cards app to access your accounts from your devices. You can also take advantage of our CO-OP Shared Branches for easy access to your money wherever you are. If you need to get in touch, we're always one call away.

  • Can I open a Listerhill account online?

    You can open your Listerhill account, loan, or credit card from the comfort of your home with our easy online application. Or, if you want to apply for a mortgage, you can learn more about our offerings and start your application here.

  • Am I eligible for membership at Listerhill?

    If you live, work, attend school, or own property anywhere in Alabama or Tennessee, you're in luck! You're eligible to become a Listerhill member.

  • The Great Giveback Official Rules

    1. Eligibility: No purchase or obligation necessary to participate and win. All participants must be 19 years of age or older at time of contest participation. Employees of Listerhill Credit Union are not eligible to register for the contest.

    2. How To Enter the Contest: All Listerhill members who have consumer loans in good standing, (subject to limitations below) are automatically entered. Anyone who takes out a new loan with Listerhill Credit Union, or refinances a loan from another lender with Listerhill Credit Union (subject to limitations below) will automatically be entered to win. Limit of one entry per loan.

    NO PURCHASE NECESSARY: To enter the contest without a loan, send a self-addressed, stamped envelope to: Listerhill Credit Union, P.O. Box 566, Sheffield, AL 35660, Attn: Great Giveback Contest Entry. Limit one entry per person. Written entries must be received no later than July 3, 2021.

    Listerhill Credit Union will not be responsible for incomplete, lost, late, misdirected or illegible entries or for failure to receive entries. All entries become property of Listerhill Credit Union and none will be returned. Any questions regarding the number of entries submitted shall be determined by Listerhill Credit Union in its sole discretion, and Listerhill Credit Union reserves the right to disqualify any entries by persons determined to be tampering with, violating, or abusing any aspect of the contest.

    3. Contest Entry Requirements: In the event the Credit Union, in its sole discretion, determines that any Entry contains content that does not comply with these Official Rules or does not otherwise comply with regulatory guidelines, Credit Union reserves the right to disqualify the entry.

    4. Determining the Winner: A Credit Union employee will select at random four (4) $500 winners (one per day July 12-15) and one Grand Prize Winner from all entries received on July 16, 2021. You do not have to be present to win.

    5. Prizes: $500 Cash Prize: the Credit Union will award four (4) members with $500 cash each. Grand Prize: The Credit Union will pay up to $25,000 toward your loan with Listerhill Credit Union, or combination of loans. No loan payments will be made to loans with any other lender. No cash equivalent provided, and the total prize amount may be less depending on the outstanding amount of loan balance(s) with Listerhill Credit Union. In no event will the prize awarded exceed the total amount of the winner’s outstanding balance of qualifying loans with Listerhill Credit Union. Federal, state and local taxes are the sole responsibility of the winner. IRS regulations require the Credit Union file a 1099 on behalf of the winner.

    A Credit Union employee will call the prize winners and the prize winners will be called up to five times during regular business hours at number provided on entry form and will leave no messages. Failure to reach winner during these calls may result in disqualification of winner, forfeiture of his or her interest in all prizes, and selection of a substitute winner drawn from the drum. Winner will be required to schedule a time, at least 48 hours in advance, to visit Listerhill Credit Union, located at 4790 2nd Street, Muscle Shoals AL, 35661 in person, during regular business hours within seven (7) days of being notified to claim prizes by providing proof of eligibility for prize won and completing and signing an affidavit of eligibility and a liability and publicity release. Failure of any Winner to timely contact the Credit Union, visit the above Credit Union office in person and sign and return any required affidavit and release, or to claim a prize or comply with any term or condition of these Official Rules, will result in drawing Winner's disqualification and the forfeiture of his or her interest in the prize. Winners may waive their right to receive prizes. Prizes are non-assignable and nontransferable. No substitutions allowed by winner.

    6. To be eligible to win, all loans must be in good standing (not more than 30 days past due at the time of drawing. Eligible loans are limited to auto loans (no indirect dealer loans), personal loans (no loans secured by real property, such as mortgages, 2nd mortgages, and Home Equity Lines of Credit) and recreation loans made to consumer borrowers (not business or commercial loans).

    6. Participation. By participating, entrants agree to be bound by these Official Rules and the decisions of the Contest. Except where prohibited, acceptance of any prize constitutes winner's consent to the publication of his or her name, biographical information and likeness in any media for any commercial or promotional purpose, without limitation the Internet, or further compensation. Prizes not won and claimed by eligible winners in accordance with these Official Rules will not be awarded and will remain the property of the Credit Union.