Amerant: 2022 Home Equity Review
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At a glance
- Customer Experience
Starting at $1,000 for standard equity line of credit and $25,000 for Fixed Rate Choice equity line of credit
Min. credit score
Starting at 3.75% (with autopay)
Funds available in
Here's a breakdown of some of the benefits and drawbacks of Amerant home equity loans.
Fixed-rate HELOC option
Few up-front costs
Fees on Florida loans
Limits on covered closing costs
Amerant, founded in North Miami Beach, Florida in 1979,is the state’s second largest community bank. It has 25 banking centers, including 18 in South Florida and seven in Greater Houston, plus a commercial loan office in New York. Amerant’s headquarters is located in Coral Gables, Florida. Amerant has grown significantly in its 40 years of business, with nearly $8 billion in assets and more than 700 employees.
The bank offers several personal and business banking products, including home equity lines of credit and investment services. It has two HELOC products: a standard equity line of credit for smaller loan amounts and a fixed-rate option for larger loans. Amerant offers competitive rates with a minimum APR of 3.75 percent and a high level of customer service. This lender may be a good option for homeowners in Florida or Texas looking for a standard or fixed rate HELOC.
Loan types offered HELOC APR range Starting at 3.75% (with autopay) Loan amount range Starting at $1,000 for standard equity line of credit and $25,000 for Fixed Rate Choice equity line of credit Minimum credit score required Not specified Repayment terms 10-year draw period and 10- or 20-year repayment period Average time to approval Not specified
Some of the main benefits of Amerant include:
- Fixed-rate HELOC option: With the Fixed Rate Choice equity line of credit, you can lock in a low rate during the draw period for one, three, five, seven or 10 years, as long as the fixed term does not go beyond the draw period.
- Few up-front costs: With Amerant, there are no application fees or origination fees.
- Rate discount: If you set up autopay on your HELOC from an Amerant checking account, you will receive a 0.25 percent rate discount.
- Rewards: You may qualify for up to $500 a year in cash rewards if you have an Amerant HELOC and at least three more Amerant products — such as a checking account, a CD and a savings account — with a total balance of at least $250,000.
Amerant HELOCs do come with a few drawbacks. These include:
- Fees on Florida loans: For loans originated in Florida, there is a $500 cancellation fee if the Fixed Rate Choice HELOC is closed within two years; this fee is waived on Amerant’s standard HELOC product. There is also a $75 annual fee after the first year.
- Limits on covered closing costs: For any lines of up to $250,000, Amerant will cover your closing costs. For lines of $250,000 to $2.5 million, closing costs range from $1,000 to $26,500.
- Limited availability: Amerant’s HELOCs are available only for properties in Florida and Texas.
Types of fees charged
There are no application or origination fees on Amerant’s HELOCs, and there are no closing costs on lines of up to $250,000. For closing costs over $250,000, Amerant will cover $500 for loans originating in Texas and $2,500 for loans originating in Florida.
But loans originating in Florida have some additional fees. There is a $500 penalty fee if the HELOC is closed within two years of opening (this fee is waived if you select the standard HELOC product), and loans are charged an annual fee of $75.
Loan products offered
Amerant offers several mortgage loans, including fixed-rate mortgages, adjustable-rate mortgages and jumbo loans. It also offers two home equity products: a fixed-rate HELOC and a standard variable-rate HELOC. If you sign up for autopay with your Amerant checking account, all HELOCs receive a rate discount of 0.25 percent.
Fixed Rate Choice equity line of credit
While many lenders offer traditional variable-rate HELOCs, Amerant has a fixed-rate HELOC starting at $25,000 that allows you to convert all or part of your balance at any time during your draw period to a fixed-rate loan with a term of one, three, five, seven or 10 years. There are no associated fees for locking your rate. The fixed-rate loan requires a minimum draw amount of $4,000.
This HELOC has a 10-year draw period and a 10- or 20-year repayment period, and APRs start at 3.75 percent. You can apply for this HELOC on Amerant’s website.
Standard equity line of credit
Like the fixed-rate HELOC, Amerant’s variable-rate HELOC has a draw period of 10 years and a repayment period of 10 or 20 years. The minimum loan amount is $1,000 in Florida and $4,000 in Texas. To apply for this loan, you must visit a branch or set up an appointment with a banking specialist.
How to qualify for a home equity loan with Amerant
In order to qualify for an Amerant HELOC, the property must be located in either Florida or Texas. The property must also have hazard, liability and windstorm insurance and may require flood insurance.
Your APR will depend on your credit history, property type, occupancy status, lien position and line amount. While Amerant doesn’t disclose credit score requirements, typically borrowers with scores in the mid- to high 600s and above are the most eligible.
How to get started
To apply for Amerant’s standard HELOC, you must visit a branch or call to work with a banking specialist. To apply for its Fixed Rate Choice equity line of credit, you can complete an online application or visit a branch. After you complete all questions, you will be prompted to upload electronic copies of any required documentation.
- Amerant’s customer call center: 305-629-1200 or toll-free at 855-263-7268
- Online and mobile banking support call center: 305-629-1260 or toll-free at 866-806-8125
Call center hours are 7 a.m. to 8 p.m. EST Monday through Friday and 8 a.m. to 5 p.m. EST Saturday through Sunday. You can also reach the automated telephone banking service 24/7.
You can also visit one of its 25 branches in South Florida or Texas. To ask a general question, you can email the bank at email@example.com, but be sure not to send any confidential or private information via email.
The Amerant website has useful information about its products and history, as well as a Financial Education Center with tips and tools to help you learn and to reach your personal financial goals. It’s a good place to start if you’re looking for more information on home equity in general.
How Bankrate rates Amerant
Bankrate Score 4.1 Scoring factors Availability 4.3 Slightly higher minimum draw requirements and lack of information Affordability 4.6 Some fees Customer experience 4.3 Limited online applications and M-Sat customer support
To create our Bankrate Scores, we evaluated lenders based on availability, affordability and customer experience. Availability was assessed based on the minimum loan amount required, time to approval, days to close, minimum draw requirements, minimum credit score requirements and loan types offered. Affordability was assessed based on minimum APR, discounts and promotions offered and associated fees. Customer experience was assessed based on online application and account availability, customer support, auto payment availability and mobile app availability and ratings.