Amerant: 2025 Home Equity Review
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At a glance
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Loan amount
Starting at $1,000
Min. credit score required
Not specified
Repayment terms
10-year draw period/20-year repayment term
Funds available in
10 days
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.
Amerant Bank overview
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.
Home equity loan products offered
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.
Pros and cons of Amerant Bank
Pros
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With Amerant’s HELOC, you can lock in a fixed rate during the draw period for one, three, five, seven or 10 years.
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There are no application fees or origination fees and you can get a 0.25 percent rate discount using auto-payments from an Amerant checking account. The company also covers closing costs on HELOCs up to $350,000.
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HELOC credit line starts at $1,000.
Cons
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Amerant’s HELOCs are available only in Florida.
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There’s a $500 cancellation fee if you close the line of credit within two years of starting the account.
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After the first year, Amerant charges a $75 annual fee.
How Bankrate scored Amerant Bank
Affordability: 5/5
- APR: Amerant’s HELOC rates are below the Bankrate average.
- Fees: 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 $2,500 in closing costs. Fixed-rate HELOCs to Florida borrowers also come with a $500 fee 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.
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.
Availability: 2.5/5
- Loan products: A HELOC is the only home equity product Amerant offers. It can be switched from a variable rate to a fixed rate, however.
- Footprint: Amerant operates exclusively in Florida – more of a toe print than a footprint.
- Credit score: Amerant doesn’t list credit score minimums on its website, unlike many lenders, requiring borrowers to contact the lender for the information.
- Loan minimum: Amerant’s $1,000 HELOC minimum is a very low borrowing threshold among lenders.
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.
Borrower experience: 3.6/5
- Rate transparency: Amerant’s website prominently lists the lowest APR available to borrowers and the ceiling the APRs can’t exceed–fairly standard among lenders.
- Convenience: You can start Amerant’s HELOC application process online. Another option is to visit one of the lender’s 19 banking centers in the state.
- Customer service: Amerant offers multiple contact methods, including phone, email, online or in-person at one of its branch offices in Florida.
- Fixed-rate options: You have the ability to lock the HELOC balance in at a fixed rate during the draw period, with a variety of term lengths.
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’s reputation
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.
How to qualify for a a home equity loan with Amerant Bank
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.
How to apply for a home equity loan with Amerant Bank
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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