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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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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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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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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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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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5 Tips for Getting the Best Home Equity Loan or HELOC Rate

If you are looking to leverage the equity you’ve built in your home to borrow money, you are probably considering getting a home equity loan or a home equity line of credit (HELOC).

What you may not be aware of, though, is that there are ways to improve the rate you get on your HELOC or home equity loan, thus saving you money in the long term.

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Requirements for a Home Equity Loan or HELOC

If you are looking for ways to tap into your home’s equity and borrow low-interest money, you’ve probably come across information about taking out a home equity loan or accessing a home equity line of credit (HELOC).

Depending on your situation, though, you may or may not meet the requirements for a HELOC or a Home Equity Loan. We’ve laid out the basics so you can understand what is required to tap into your home’s value with these two tools.

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Couple Looking at Home Blueprints
Forbes Names Listerhill Best Credit Union in Alabama for Second Year in Row

We've once again been named the best credit union in Alabama according to Forbes! Forbes rated banks and credit unions based on overall recommendations and satisfaction along with five subdimensions: trust, terms and conditions, branch services, digital services, and financial advice. Over 25,000 customers were surveyed through market research firm Statista to capture their opinions on current and former banking relationships. Of the 5,068 credit unions nationwide, just 3.6% made Forbes’ list.

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How to Choose the Right Mortgage Loan

Shopping for a mortgage can be stressful, especially if it’s your first home. From confusing terminology to difficult-to-compare differences, the process can make your head spin. To understand the process, there are a few concepts you should be familiar with. In addition, there are some general steps to follow to get you in the right home with the right loan.

To help you through the process, we’ve developed this guide. It covers some general definitions and some guidelines, from setting a budget to shopping for a mortgage.

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6 Ways To Save On Your Vacation

The open road is calling and your vacation awaits! But first, you need to work out the financial details. How are you going to pay for your getaway? These six vacation saving tips will help you plan a perfect getaway without busting your budget.

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Frequently Asked Questions

  • How does a cash back credit card work?

    Our cash back credit card gives you a flat rate of 2% back on all of your purchases. It acts as a rebate that you can redeem for cash as a statement credit or direct deposit in your account.

  • How do I receive an incoming wire transfer at Listerhill?

    All incoming wires must be received using Listerhill's routing number of 262277011. The member should use the routing number along with their member number and share ID suffix or their draft number when receiving a wire.

    Wire to:

    Listerhill Credit Union

    4790 E. 2nd Street

    Muscle Shoals, AL 35661

    1-256-383-9204

    ABA No.: 262277011

    For credit to the account of:

    Member's Name:

    Member's Address:

    Member's Account No.:

  • What does it cost to send or receive a wire transfer?

    Incoming Domestic Wire Charge: $20.00

    Outgoing Domestic Wire Charge: $20.00

    Incoming Foreign Wire Charge: $35.00

    We do not process outgoing foreign international wires. We can receive them only.

  • Can I conduct a wire transfer through Listerhill?

    Listerhill is capable of receiving incoming wire transfers and sending outgoing domestic wire transfers. All Branch Managers, Loan Officers, Senior Member Advocates, Member Advocates, and Tellers can provide our members with information needed to receive incoming wire transfers.

    Branch Managers, Member Advocates, and Senior Member Advocates can assist with processing outgoing domestic wires.

    We do not process outgoing foreign international wires. We can receive them only.

  • How do I qualify for membership at Listerhill?

    To qualify for membership with Listerhill, you must meet one of the following requirements:

    • If you live in the states of Alabama, Georgia, Mississippi, Florida, or Tennessee, you are eligible to become a member.
      • Depending on your individual eligibility requirements, we may require membership into an approved association at no cost to you.
    • You can also qualify for membership by being a family member of a current or potential Listerhill member.