Michael Lorimor, Vice President of Real Estate Lending at Heartland Credit Union, discusses the current state of interest rates and the real estate market.

Are you dreaming of owning your first home but worried about the daunting costs? The First-time Homebuyer's Grant is here to turn your dreams into reality, making homeownership more achievable than ever before. 

Heartland Credit Union proudly announces the promotions of Tracie Dean, Lydie Terry, Amanda Laymon, and Steve Farmer to Senior Real Estate Loan Consultants. With their wealth of experience, these individuals have played a pivotal role in the success of the real estate lending department at HCU. 

If you have been in the market to purchase a home in the last couple of years, you’ve seen quite a change in interest rates. Many of you have seen some of the highest mortgage rates in years. Now, within the past couple months, there has been a sizable drop and rates are at the lowest they’ve been since the middle of 2023. So, what does that mean for someone that may be in the market to purchase a home or refinance their current home? The short answer, it depends. 

Purchasing a home is an exciting journey. Owning your own home means you have the freedom to make it your own. It creates stability for you and your family, allowing you to put down roots. Finally, it means you’ve taken the first step in creating wealth through the equity you’ll build. While all of this is exciting, getting through the mortgage process can seem a bit daunting, but it doesn’t have to be.

The average person moves residences about 11 times in their lifetime. That provides a lot of opportunity to confront the following question: is it better to own your home or to rent it? It’s a huge decision that affects your lifestyle as much as it does your finances, and the answer will vary depending on who you ask. There are compelling arguments to be made for both sides and the resulting advice—though well-intentioned—can quickly become confusing and contradictory. So, is paying rent really just a waste of money? Or is it true that you can make more money by renting than by owning a home? Take a closer look at six snippets of common owning-versus-renting advice.