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 can home equity loans be used for?

    Home equity loans provide you with the opportunity to chase dreams to the fullest. Enjoy a vacation with the whole family, invest in a household remodeling project, or even finance an upcoming vehicle purchase with only a few clicks.  If you can dream it, you can achieve it!

  • What type of requirements exist for home equity loans?

    Home equity loans rely on a loan to value ratio (LTV) to disburse funds, meaning that your credit score and home equity value should be fairly substantial to take advantage of all possible benefits. For assistance in the home equity loan pre-approval process, please speak with your local Listerhill Credit Union branch.

  • How do home equity loans work?

    Also known as a second mortgage, home equity loans work by borrowing against the value of your home’s current equity. You may calculate this yourself by subtracting the amount you owe on your mortgage from the value of your home. Home equity loans provide lump-sum funds at fixed rates, creating affordable monthly payments that are consistent and affordable.

  • What information should I know before securing a land loan?

    When you purchase land, you want to ensure that it can be used for the desired purpose. That involves having certain information about the land in advance, such as the items listed below:

    • Land survey to know the boundaries of the property
    • Property easements so you know who has permission to enter or use your land for sewer pipes or cable wires
    • Title search to see what easements are on your land
    • Zoning laws to determine whether the land is zoned for residential use, commercial use, or another option
    • Flood hazard risk, so you’re aware of any extreme weather risks
    • Appraisal so you know the value of the land compared to similar options 
  • When does it make sense to refinance a mortgage?

    Refinancing your home loan can be a great option to secure a better loan for your current circumstances and future goals. It makes sense to refinance your mortgage if one of the benefits will be helpful for you:

    • Secure a lower interest rate
    • Reduce your mortgage term
    • Switch from an adjustable-rate mortgage to a fixed-rate mortgage or vice versa
    • Borrow against the equity in your home


    If doing any of the above would benefit you, refinancing might be the next best move.