Family For Thanksgiving

Need a break? Skip-a-Pay!

The holidays are so much sweeter when you’re not worrying about your bills!

These days, we could all use a little extra cash. Fortunately, Listerhill offers an exclusive break from your loan payments during this costly time of year. Now that sounds like a holiday wish come true!

Skip-a-Pay is a program that allows members to skip a monthly loan payment during an especially tight financial season. Once a year, for only $35, you can take one month off from paying an eligible Listerhill loan and free up some extra cash with Skip-A-Pay.

Specific criteria must be met to qualify for Skip-a-Pay. The program is only allowed for certain closed-end loans such as auto loans, recreation loans, and personal loans and must also have a good payment history of 6 or more months. Mortgages, business loans, Christmas loans, credit cards and other lines of credit are not eligible for Skip-a-Pay.

Skipping a loan payment has many benefits, but an informed decision is the best decision. Here are a few more points to consider before you decide to skip a payment:

1. Breathing room

The primary benefit of choosing to skip a payment is quite obviously, the extra cash flow. During an expensive time of year, you might not make it through the month without resorting to swiping your credit card. By opting to skip a large payment on a loan, you’ll free up cash for your daily expenses so you don’t finish the month in the red. The holidays are so much sweeter when you’re not worrying about your bills!

2. Longer loan term

It’s important to remember by skipping a payment, you’re lengthening the life of your loan. True, you’re skipping a payment now, but you’ll need to make that up one day. You’re essentially moving this month’s payment to the end of the loan.

3. Accrued interest

Although Skip-a-Pay may prevent you from having to dip into your credit card — thanks to the extra cash you’ll have. You will eventually be billed for interest on that month's skipped loan payment. You’ll pay that interest at the end of the loan term. This means you’ll end up paying a bit more in interest during the life of the loan.

Ready to skip your next loan payment? Request a skip online or come into any Listerhill branch to chat more.

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Frequently Asked Questions

  • What does Interest-Only Mean?

    With an interest-only loan, you are only responsible for paying the interest on the amount you draw from the construction loan each month. 

    Here’s an example. 

    If you draw $15,000 in January, you pay 4.99% on $15,000

    If you draw an additional $25,000 in February, you pay 4.99% on $40,000 ($15K from January + $25K from February)

  • What is a Construction Loan?

    A home construction loan provides you with financing to build your dream home. 

    With terms up to 12 months, this short-term loan covers your costs, including land, contractor labor, building materials, and more, until your home receives an occupancy certificate.  

    Once your home is ready to move in, you will then secure a traditional home mortgage.

  • You might prefer an adjustable-rate mortgage over a fixed-rate mortgage if...

    • You plan to move before the introductory rate expires.
    • You want a lower payment during your initial payment period.
    • You think rates will drop in the future.
    • You are planning on relocating before the rate adjusts
    • You know you will be paying off the loan in a few years
    • You need to move fast and have limited time to secure a down payment
    • You do not qualify for a 30-year fixed-rate mortgage, but want a 30-year payment schedule
    • Your payment could decrease if the index against which your ARM is benchmarked drops
  • A 5/5 adjustable rate-mortgage is right for you if...

    A 30-year ARM with a fixed interest rate for the first five years, then fluctuating every five years. 

    A 5/5 ARM is best if you want to lock in a low rate over a longer period and maintain the same rate over an extended time. 

    With a 5/5 adjustable-rate mortgage, you can go 10 years with only one rate adjustment, whereas with other lenders, you could experience up to six rate changes in the same time period.

  • A 3/3 adjustable-rate mortgage is right for you if...

    A 30-year ARM with a fixed interest rate for the first three years, then fluctuating every three years

    A 3/3 ARM is best if you want to lock in the lowest rate, but over a shorter period and are okay with the rate fluctuating more often.