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) -