What Can a HELOC Do For You?

houses
April 18 2024

This time of year, can be an excellent time to assess your financial condition and create a plan for the months ahead. Knowing where you are and where you want to be can make it easier to take action on your plan. Have you been delaying an update to your home? Do you have debt you would like to consolidate? Perhaps you decided instead of buying a new home you want to remodel or add onto your current home. Or maybe you like the idea of having funds on standby in the event of an emergency. One popular lending option can help with all these situations.
Bruning Bank offers a Home Equity Line of Credit, often referred to as a HELOC. Many of us have locked in a low interest rate on our mortgage in recent years and do not want to give it up. A HELOC allows you to access the equity in your home without having to refinance your existing mortgage loan. A HELOC is a type of home equity loan, with a couple differences from the standard home equity product. With a standard home equity loan, you receive the full loan amount in one lump sum and pay a fixed amount monthly.  A HELOC is a revolving line of credit that gives you the freedom and control to borrow, pay down and readvance funds as needed. You only pay interest on the amount borrowed and the interest rate is usually lower than that of a credit card. Bruning Bank offers either a fixed or variable rate with this product. Another advantage of a HELOC is the potential for a tax break on the interest paid. Consult your tax professional to confirm deductibility.
The flexibility of a HELOC can provide solutions to a wide range of financial needs and is just one way that Bruning Bank can help. If you’re in the market to purchase or construct a new home, we can assist with that also. Whatever your current situation, your Bruning mortgage specialists are here to help see your plans through. Give us a call today!


- Jami Smith, Mortgage Loan Officer (NMLS #1075059) - 
 

“We may never understand His wisdom, but we simply have to trust His will.”

Sonny Manley
President
Hebron

“Be kind because everybody is dealing with something you know nothing about.”

Jim Scott
President
Broken Bow

“Part of attaining success is surrounding yourself with people that share the same drive, determination and direction that you want to achieve.  I feel the people we hire at Bruning Bank represent those assets and they strive to help our customers build, grow and thrive in business as well as personal endeavors.” 

Todd Clabaugh
President
Kearney

"You’ve heard this before, '50% of success in your life comes from just showing up, more precisely showing up on time and being there when you are supposed to be.' That does not apply only to financial success it applies to everything. Your persistence in being there and being present and engaged in your family, your church and your work/career, you don’t have to talk a good game to be successful, you need to do. If you show-up, you're half way there.  And when you show-up, help will be available to get you the rest of the way.  Thanks to all of you that show-up!" 

Jerry Catlett
President & COO
Bruning

“At Bruning Bank, we are about building relationships. If you walk through our doors, we want you to feel like family. Whether it is your first time in, or you are a long-established customer, we want your experience to be positive, insightful, and lasting. The people we employ are vital in this role and do an amazing job carrying out the values and mission established by the bank. I truly feel this is what sets Bruning Bank apart from other institutions.“

Luke Thorell
President
Holdrege