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Listerhill Credit Union is a nonprofit financial cooperative improving lives in our community.

If you live in Alabama, Georgia, Mississippi, Florida, or Tennessee, you are eligible to become a member. Depending on your individual eligibility, 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.

With only $5, you can join Listerhill today and start taking advantage of a lifetime membership.

Mortgage Refinancing

When you’re ready to secure better home loan terms, you can refinance your mortgage to lower your monthly payment or interest rate.

Your finances, payment preferences, and the market can change drastically over the years after purchasing a home. Maybe your credit has improved so you can qualify for better terms, or interest rates have dropped across the board, or you want to borrow against the equity in your home to cover various costs. Refinancing your mortgage gives you the flexibility to do any of those, plus more. At Listerhill, our team is here to help you achieve your refinancing goals, whatever they may be.

  • Low fixed interest rates
  • Flexible loan terms including a 15 and 30-year loan
  • Up to 85% financing with no PMI
Mortgage Refinancing
Refinance Today
What is Mortgage Refinancing?

When you refinance your mortgage, you essentially replace your original mortgage and abide by your new home loan terms. The terms that change can depend upon your goals, whether you want to reduce your interest rate, pay your loan off quicker, or go from a fixed rate to an adjustable rate or vice versa.

Refinancing your mortgage gives you the freedom to pay off your home on your terms.

Benefits of Mortgage Refinancing

Refinancing your mortgage comes with a slew of benefits, so if you’re in the right place to refinance, you can take advantage of some of these benefits:

  • A lower interest rate: If mortgage rates have fallen or if your credit profile has improved since your original mortgage, you can secure a lower interest rate and pay less in interest over the life of your loan.
  • Reduced monthly payments: Lower interest rates reduce your monthly payment so that you can have more flexibility in your budget.
  • Borrowing money: If you choose a cash-out refinance, you can borrow against the equity in your home to use for any purpose, whether you want to consolidate debt or complete home renovations.
  • Shorter loan term: Perhaps you want to pay off your home quicker. In that case, you can reduce your loan term from a 30 year to a 15-year mortgage. While doing so will increase your monthly payment, it will allow you to be mortgage-free faster.
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Requirements for Mortgage Refinancing

To qualify for a mortgage refinancing, we will look at your financial background to determine whether you have a manageable level of debt, steady income, good credit history, qualifying homeownership period, and home equity.

Debt to income ratio: We will review your debt to income ratio (DTI) to ensure you don’t have more debt than your income can manage. A recommended DTI, including your mortgage payment, is no more than 43%.

Steady income: Whether you’re self-employed or have a W2 job, we want to ensure that you have a stable work history showcasing your likelihood of being able to afford your home now and in the future. Two years of consistent employment are typically required to qualify for a home loan.

Credit history: Your credit score is a significant indicator of your financial responsibility. We will review your credit history and credit score to determine whether you have the background that showcases your ability to manage mortgage payments.

Homeownership period: In many circumstances, you need to hold the title to your home for a set period; generally, 6 months, to refinance your mortgage.

Home equity: Additionally, you want to have equity in your home before refinancing. This is especially important if you're going to complete a cash-out refinance.

While we look at these five factors to help you qualify for a mortgage, we also realize this is not black and white and will review your full profile and speak with you directly to get you the loan you want and can afford.

Frequently Asked Questions

  • Does it matter who your mortgage is with?

    Yes because choosing the right lender for your home loan or refinance can lead to a better transaction overall. This is especially important if you are a first time homebuyer or attempting to qualify under special circumstances.

  • Why choose Listerhill for my mortgage?

    At Listerhill, our focus is on “people helping people.” When you purchase a home, we want to offer you the support you need from application to closing.

    As a nonprofit cooperative owned and operated by its members, you own an equal “share” in Listerhill and vote in elections for the Board of Directors and Supervisory Committee. That means your voice is always heard, and in turn, our actions reflect your needs and desires.

    Our mortgage rates, terms, and policies will always reflect your needs in securing the best credit union mortgage loan in Alabama.

    Apply Now

  • Is a credit union better for mortgages?

    Securing a mortgage through a credit union is preferable for many seeking to purchase a new home or refinance. Credit unions often offer more competitive mortgage rates in Alabama and are more flexible with their terms and conditions.

  • 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.

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Meet our Mortgage Loan Officers
Stacy Aldridge

NMLS# 449408

4790 East Second Street, Muscle Shoals, AL 35661

256.383.9204, ext. 1222

saldridge@listerhill.com

Apply Now with Stacy

Casey Neill

NMLS# 207237

1623 Hatcher Lane, Columbia, TN 38401

256.383.9204, ext. 3813

cneill@listerhill.com

Apply Now with Casey

Vicki Wilson

NMLS# 198718

4790 East Second Street, Muscle Shoals, AL 35661

256.383.9204, ext. 1386

vwilson@listerhill.com

Apply Now with Vicki

Blair Cunningham

NMLS# 1962170

4790 2nd St, Muscle Shoals, AL 35661

256.383.9204, ext. 3940

bcunningham@listerhill.com

Apply Now with Blair

Katie Lewis

NMLS# 655785

22223 US HWY 72 Athens, AL 35613

256.383.9204, ext. 1397

klewis@listerhill.com

Apply Now with Katie

Nortricia Starnes

NMLS# 534384

1850 Cherokee Avenue Southwest, Cullman, AL 35055

256.383.9204, ext. 2825

nstarnes@listerhill.com

Apply Now with Nortricia

Karri Cummings

NMLS# 1701666

13400 Highway 43, Russellville, AL 35653

256-324-0122

kcummings@listerhill.com

Apply Now with Karri

Refinancing Mortgage Resources
Early Mortgage Payoff Calculator

What you owe will grow over time and interest can add thousands. See what you can save by adding to your monthly payment.

Mortgage Refinance Calculator

When interest rates or the market change, it may be good to think about refinancing. See if refinancing works for you.

Additional Questions?

Listerhill has consistently been rated in the top tier for overall satisfaction by our members. While we hope you find the information you need online, we'd be happy to talk with you about questions you may have. Call us at (256) 383-9204 or 1-800-239-6033 for friendly, local assistance. Or even stop by one of our branches for personal service.

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Common Links

Frequently Asked Questions

  • How can I avoid overdraft fees?

    All Listerhill checking accounts are eligible for 3 Overdraft or NSF Fee refunds per year. To request a refund, visit a Listerhill branch or call 1-800-239-6033.

    Additionally, we provide our members with overdraf services like:

    • Standard Overdraft Coverage

    • Debit Card Overdraft Coverage

    • Overdraft Protection

  • How can I start using mobile banking?

    To Get Started with our Mobile Banking app:

  • Do I have to pay any monthly service fees for having a checking account at Listerhill?

    Our Everyday Checking account comes with no minimum balances and no monthly service fees, so if you choose this account, you won’t have to pay any monthly fees, no matter what your daily balances are.

    If you’re interested in Growth Checking, you’ll have to pay a $10 monthly fee is your average balance is below $1,000. You can easily waive the account fee by keeping $1,000 or more in your account. That way, you can earn interest on your deposits without paying any monthly maintenance fees. It’s a win-win!

  • Why should I open a Growth Checking account?

    Growth Checking is the perfect account for those who want to see their money grow faster. This account offers high returns on your deposits for a small monthly service fee. You can waive the monthly fee by keeping $1,000 or more in your account. What’s even better is that the more you keep in your account, the higher the interest rate you’ll earn, so it makes sense to keep higher balances in your Growth Checking!

    If you want to put your money to work for you, open a Growth Checking account. Simply click here to start your online application as a new member or log into online or mobile banking to open your checking account if you’re already an established member. It normally takes 10 minutes or less to complete!

  • What is everyday checking?

    Everyday Checking is our free checking account. This account is convenient and simple with benefits like no minimum balances and no monthly service charges.

    If you're seeking a hassle-free checking experience coupled with top-rated online and mobile banking services, as well as options for overdraft protection and customizable account alerts, Everyday Checking is the ideal choice for you.

    Plus, our online application makes getting your new checking account easier than ever. Simply click here to start your online application as a new member or log into online or mobile banking to open your checking account if you’re already an established member. It normally takes 10 minutes or less to complete!