Blog

The 20% Down Myth

If it's your dream to own a home, you are likely saving up, dollar by hard-earned dollar, until you have that magic number: 20% of your dream home’s total value. That’s what all the experts say, right?

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Protecting Your Card At The Pump

How many times a month do you fill ‘er up? It’s a mindless chore, but did you know it can also be the beginning of a financial nightmare? Gas pump skimming is an old crime that’s made a comeback — and your debit card may be at risk.

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All You Need To Know About Buying A Used Car

If you’re shopping for an amazing deal on wheels during the October car-shopping season, you want to be that buyer who walks home thrilled with their new car.

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Energy Saving Tips: What To Look For When Buying New Appliances

There’s no getting away from the fact that our dependence on energy increases daily. With energy-dependent technology driving our lives, ecologists continue to search for ways to reduce energy usage. Focusing on energy-efficient appliances is one way to do that.

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Common Scams That Target Older Adults

Sadly, some dishonest people have focused their attention on senior citizens. Taking advantage of fear, hope, and trust, these scammers defraud thousands of older Americans each year out of much needed cash. If you receive a call, letter, or a personal visit from anyone claiming the following, chances are you’ve been contacted by a rip-off artist.

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Back-To-School Shopping Hacks

You may be deep into your summer routine of lazy afternoons at the beach, family day trips and bedtimes postponed in favor of firefly-chasing, but back-to-school season is already in full swing.

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Article August 7
LPL Research Midyear Outlook 2018: The Plot Thickens

The LPL Research Midyear Outlook 2018: The Plot Thickens presents guidance on how the return of the business cycle may unfold during the remainder of 2018 and beyond, along with the investment insights to help investors navigate the twists and turns.

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2018 Listerhill Scholarship Contest

This year's 2018 Scholarship Contest was incredible! We visited 22 schools in northwest Alabama and south central Tennessee with our video booth and we asked students to record a 30-second video about how their education will benefit their community.

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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.