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Amerant Bank’s sole product is its 30-year home equity line of credit (HELOC), which can be converted to a fixed-rate loan. In addition to the loan’s flexibility, the absence of fees sets the lender apart. However, Amerant’s HELOC is only available in Florida, limiting options for borrowers.
Founded in 1979 as Commercebank, Amerant Bank is Florida’s largest community bank, with 19 banking centers and over $9 billion in assets. Headquartered in Coral Gables, it’s the main subsidiary of publicly traded Amerant Bancorp, and is a full-service financial institution, with subsidiaries that handles investments and mortgages.
Amerant Bank offers a HELOC with a twist: the Fixed-Rate Choice HELOC (FRC HELOC). The first 10 years of the FRC HELOC will be a draw period, during which you can convert all or part of your balance to a Fixed-Rate Loan Option (FRLO) with a term of one, three, five, seven or 10 years. The draw period is followed by a 20-year repayment period.
The FRC HELOC doesn’t have any application or origination fees. There are no closing costs if the line of credit is under $350,000.
Amerant Bank scores a perfect 5 out of 5 for affordability because of minimal fees and the option to lock in the HELOC to a fixed-rate loan during the draw period.
Amerant Bank earns a low 2.5 out of 5 for availability because of its limited geographic footprint and product offerings, along with lack of listed credit score criteria.
Amerant gets a 3.6 out of 5 for borrower experience largely because of the limits to convenience: Only 19 branches in one state and no phone application option.
You can tap into your home equity — the difference between your home's worth and what you owe on your mortgage — with a home equity loan or a HELOC. With those funds, you can tackle a variety of expenses, like debt consolidation or home renovations.
However, before you dive in, it's important to figure out your loan-to-value ratio (LTV). Lenders use your LTV to determine how much of your equity stake you can actually borrow. (It’s typically 80 percent, although some lenders allow you to access as much as 90 percent.) The amount of equity they’ll let you tap is one consideration when choosing a lender. Be it a retail bank, online lender or credit union, it may offer different home equity loan rates and terms, too. That’s why it’s important to shop around for the best deal.
Amerant Bank gets a B- rating and isn’t accredited by the Better Business Bureau. Its parent company, Amerant Bancorp, has a higher A+ rating with the BBB.
To qualify for an Amerant HELOC, your property must be located in Florida. The company will verify your income and the value of your home. Your specific APR will depend on your credit history, property type, occupancy status, lien position and line amount. You will also be required to have hazard, liability and windstorm insurance.
While the bank doesn’t disclose credit score minimums online, scores starting in the mid- to high-600s are typically required for home equity products. Amerant also doesn’t indicate the debt-to-income ratio (DTI) needed to qualify for a loan, but lenders typically look for a DTI of 43 percent or lower.
You can apply for a HELOC by starting an application online or at one of Amerant’s locations in Florida. Once approved, you will receive funding in as little as 10 days. The bank’s call center is open Monday through Friday from 7 a.m. to 8 p.m. ET and Saturday from 8 a.m. to 5 p.m. ET. For information on its HELOCs, the bank’s authorized telephone service is available toll-free at 1-855-263-7268. You can also email Amerant at questions@amerantbank.com.
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Amerant
Bankrate score
3.7
Bankrate scores are objectively determined by our editorial team. Interest rates, fees, loan terms, borrower requirements and customer service are some of the factors that make up Bankrate's score.
Customer score
N/A
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate. To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
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Bankrate score
Bankrate scores are objectively determined by our editorial team. Interest rates, fees, loan terms, borrower requirements and customer service are some of the factors that make up Bankrate's score.
Customer score
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate. To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
|
Bankrate score
Bankrate scores are objectively determined by our editorial team. Interest rates, fees, loan terms, borrower requirements and customer service are some of the factors that make up Bankrate's score.
Customer score
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate. To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
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Loan amount |
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Starting at $1,000 |
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Min. credit score required |
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Not specified |
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Repayment terms |
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10-year draw period/20-year repayment term |
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Funds available in |
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10 days |
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Recent customer review |
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Customer review No reviews available yet. N/A |
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