To get answers to your questions about the app, you can give one of our customer service representatives a call at 800-239-6033

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.

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.

In many situations, yes. Refinancing with a credit union can allow you to secure lower interest rates, flexible qualifications, and credit counseling to support you in being financially prepared to qualify and successfully maintain your mortgage.

A fixed-rate mortgage allows you to lock in one interest rate for the life of your loan. With a set interest rate, you also have a fixed monthly mortgage payment.

This enables you to easily budget for your mortgage payment without worrying about it increasing or decreasing over time.

To qualify for a fixed-rate mortgage, we will look at your financial background to determine whether you have a manageable level of debt, steady income, and good credit history.

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.

Down payment: For in-house 25 & 30-year loans, a down payment is required no matter the credit score. The more down payment you put down, the lower your interest rate. The sweet spot is 20%. This also gives you more equity in your home to use down the road for getting cash out for updates, improvements, or emergencies that may arise.

While we look at these four factors to help you qualify for a mortgage, we also realize you’re a person and will review your full profile and speak with you directly to get you the loan you want and can afford.

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.

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you want to pay the least for your home over the life of your loan, and you have extra in your budget for a higher payment.

you want to experience the best of both worlds by saving on interest while paying a bit more each month.

you want to take a little more time to pay off your loan than 20 years to keep your monthly payment low, while also saving in interest compared to a 30 year mortgage.