You've probably seen the headlines about interest rates and the economy, so we talked with Granite Credit Union on what you should focus on when it comes to borrowing.
Todd Hatfield, Vice President Consumer and Mortgage Lending, says rates mater, but they're only one piece of the bigger financial picture.
He says what really matters is how a loan fits into someone's overall financial goals and monthly budget.
The right structure, like term, payment and flexibility, can often be more important than chasing the lowest rate.
Many homeowners are hearing about home equity loans right now.
Todd says they can be a powerful financial tool when used strategically.
Common uses include consolidating higher-interest debt, funding home improvements or creating financial flexibility.
The key is using equity to strengthen your financial position, not stretch it.
Todd says products like flexible HELOCs can give homeowners control over how and when they access funds.
Lending isn't one-size-fits-all. There are programs designed for different financial situations and Todd says he talks to people every day who assume they don't qualify for a loan when they actually do.
His best advice: even if you're not ready to take out a loan today, a lender can help create a path forward.
It starts with a conversation, not a commitment.
Todd says Granite Credit Union is also seeing interest in construction loans. If you're considering building instead of buying, the process can feel complex, but working with the right team simplifies it significantly.
He explained that construction loans are structured differently, often with interest-only payments during the build phase.
Planning ahead and working with experienced lenders makes all the difference.
Education is key—understanding how it works helps people make confident decisions.
Todd says you don't have to have everything figured out before talking to a lender.
Whether you're buying, building, consolidating debt, or just exploring options—guidance is available at Granite Credit Union.
You can start the conversation online at granite.org, by phone or in person.
