Home Equity Loans & Lines of Credit

You can choose from three options:

Home Equity Loan

If you know how much you need, want all the cash up front, and like the dependability of a fixed interest rate and fixed payment each month, a Home Equity Loan is the best choice.

Home Equity Line of Credit (HELOC)

If you’re not sure how much money you need and don’t mind if your payments vary each month, a Home Equity Line of Credit is the answer. It’s a revolving credit account that gives you cash when you need it over a long period of time, with a variable interest rate.

Home Improvement Home Equity Line of Credit

A great option when there’s not enough equity in your home, but there will be! Many homeowners are deciding to remodel their homes instead of buying new, but find that they do not have enough equity in their home to cover the cost of the remodeling project. That is where the Home Improvement HELOC comes in; we take your remodel plans and specs and review them with an appraiser to determine an “as-completed” value to determine the loan amount.

How is this different from a regular HELOC?

• • During the construction period (up to 120 days), your draws are managed by BankCherokee and/or the title company.
  • You are allowed one draw per month during the construction period.
  • During your construction period, draw fees of $75, or $125 will apply (this also covers the inspection, pictures, and title company fees).
  • Depending on the loan amount requested and Loan-To-Value, appraisal and title insurance requirements may differ from the standard HELOC.
  • After your construction period expires and improvements are completed, the draw restrictions are lifted, and your HELOC returns to our standard product.