Amerant: 2024 Home Equity Review

Benefits

• 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.

Drawbacks

• 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.

Home equity loan products offered

Amerant Bank offers two home equity lines of credit: 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.

Types of fees charged

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 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.

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 apply with Amerant Bank

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.

How Bankrate scored Amerant Bank

• Methodology

  To determine a home equity lender's Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender's products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability: Annual percentage rate (APR) - 80%; introductory APR - 20%
  • Availability: Licensing - 50%; credit score - 20%; loan minimum - 10%; draw requirement - 10%; loan products - 10% 
  • Borrower experience: Rate transparency - 45%; convenience - 35%; customer service - 10%; fixed-rate options - 10%

  Learn more about our methodology.