Amerant: 2023 Home Equity Review
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Starting at $1,000 for standard equity line of credit and $25,000 for Fixed Rate Choice equity line of credit
Min. credit score required
10-year draw period and 10-year or 20-year repayment term
Funds available in
Here's a breakdown of some of the benefits and drawbacks of Amerant home equity loans.
Founded in 1979, Amerant Bank is Florida’s second-largest community bank, with more than 20 banking centers. It offers several personal and business banking products, including home equity lines of credit (HELOCs) 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.
|Loan types offered||Home equity line of credit (HELOC)|
|Loan amount range||Starting at $1,000 for standard HELOC
Starting at $25,000 for fixed-rate HELOC
|Minimum credit score required||Undisclosed|
|Repayment terms||10-year draw period and 10-year or 20-year repayment term|
|Average time to approval||Undisclosed|
How Bankrate rates Amerant
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.
- With Amerant’s fixed-rate HELOC option, 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.
- There are no application fees or origination fees, and you can get a 0.25 percent rate discount with auto-payments.
- Amerant’s HELOCs are available only for properties in Florida and Texas.
- For fixed-rate HELOCs for borrowers in Florida, there’s a $500 cancellation fee if you close the line within two years; this fee is waived on the standard HELOC product. There’s also a $75 annual fee after the first year.
Types of fees charges
There are no application or origination fees on either of Amerant’s HELOCs, nor any closing costs on lines of up to $350,000. For lines over that amount, the bank will cover either $500 or $2,500 in closing costs depending on where you live. Fixed-rate HELOCs to Florida borrowers also come with a $500 prepayment penalty if you close the account within two years. As with most HELOCs from other lenders, you’ll also pay an annual fee after the first year: $75.
Home equity loan products offered
Amerant Bank 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, you’ll get a rate discount of 0.25 percent on either type of loan.
The standard HELOC comes with a draw period of 10 years and a repayment term of up to 20 years. The minimum loan amount is $1,000 in Florida and $4,000 in Texas.
Fixed-rate HELOCs, on the other hand, start at $25,000 and allow you to convert all or part of your balance at any time during your draw period (10 years) to a fixed-rate loan with a term of one, three, five, seven or 10 years. There are no fees for locking your rate, but you’ll be required to draw at least $1,000.
How to qualify for a HELOC with Amerant Bank
To qualify for an Amerant HELOC, your property must be located in Florida or Texas. Your specific APR will depend on your credit history, property type, occupancy status, lien position and line amount. While the bank doesn’t disclose credit score requirements online, borrowers with scores in the mid- to high-600s and above are typically the most qualified.
How to get started
To apply for Amerant’s standard HELOC, you must visit a branch or call the bank. To apply for the fixed-rate option, you can complete an online application or visit a branch. The bank’s call center is open Monday through Friday from 7 a.m. to 8 p.m. ET and Saturday and Sunday, 8 a.m. to 5 p.m. ET. You can also reach the bank’s automated telephone service 24/7.
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