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Lock your rate during the draw period.1
Choose one, three, five, seven, or ten years.
Once you have closed on your HELOC, you can use our Online Banking or request a checkbook that you can use for virtually any expense at any time. Pay only for what you use and pay it off at any time.
Consolidating high interest debt into a single loan and reduce the number of payments and interest rates you have to worry about.
Receive a 0.25% rate discount when you set up and maintain automated payments from a qualifying Amerant Bank checking account.
Start your application online or at a nearby banking center.
Provide additional documents, once we’ve reviewed your application and your credit history.
Amerant will verify your income and your home’s value.
Once you submit your application and documents, a banking specialist will guide you through closing.
Receive funding in as little as 10 days, once approved.
With an Amerant Fixed-Rate Choice you can enjoy predictable monthly payments on your Home Equity Line of Credit by switching from variable rates to fixed interest rates.
This solution gives you choice and flexibility to decide how you manage your line of credit.
A HELOC (Home Equity Line of Credit) is a type of revolving line of credit that allows you to borrow money using your property’s equity as collateral.
Once you have closed on your HELOC, you can use our Personal Online Banking to access the funds and make monthly payments or request a checkbook that you can use for virtually any expense at any time. Pay only for what you use and pay it off at any time.
Your Home Equity Line of Credit will have a 30 year term which will be composed of two phases: a draw period and a repayment period. The first 10 years are known as the Draw period. During the draw period you are allowed to advance from your HELOC up to the approved credit limit, and you are only required to pay interest on the amount you owe. The remaining 20 years is known as the repayment period. During the repayment period, the amount owed at the end of the draw period is amortized into principal plus interest payments so that you may pay-off the balance owed during said timeframe. It is important to note that during the repayment period, you may not pull additional funds or receive further advance from the HELOC.
A HELOC can be used for many things: investing in new windows or shutters, planning a family trip, paying for wedding expenses, or even consolidating a high-interest debt.
The end of draw period is when you enter the repayment phase of your home equity line of credit. In addition to interest, you must begin repaying the principal balance. At this point, you will no longer be able to access the funds or convert your variable rate to fixed rate.
Switching from interest payments to principal and interest payments can significantly increase your monthly payments. The amount of the increase depends on the principal due, interest rate and repayment period (usually 10, 15 or 20 years). Contact a banking specialist to discuss your HELOC monthly payments.
To reduce your monthly payment, you may apply for a new HELOC, Make additional principal payments above your required monthly payment, or pay off your balance. Visit a nearby branch to get a payoff quote and pay balance in full.
You can find your end of draw date on your monthly HELOC statement.
If the draw ends with a zero balance, the Home Equity Line of Credit will be closed. No action is required.
Unfortunately, we do not offer home equity credit line extensions. However, if you wish to refinance, please consult a banking specialist.
You may speak to banking specialist about refinancing your Home Equity Line of Credit.
* Information Regarding the Fixed-Rate Choice HELOC (FRC HELOC): Available only to United States citizens or resident aliens with a valid U.S. Taxpayer Identification Number. FRC HELOCs have a draw period of 10 years followed by a repayment period of 20 years, during which no advances may be made, resulting in a total loan term of 30 years. During the draw period, you may convert all or a portion of your outstanding FRC HELOC balance to a Fixed-Rate Loan Option (FRLO) for a term of 1, 3, 5, 7, or 10 years, resulting in fixed monthly payments on such balance at a fixed interest amortized over the selected term; provided, the fixed term does not extend beyond the draw period of the line. The minimum amount for an FRLO is $4,000 in Texas and $1,000 in Florida. No more than 5 FRLOs may be outstanding at one time. Hazard, liability, and windstorm insurance are required. Flood insurance may be required. Subject to credit approval and program requirements.
1 The Annual Percentage Rate (APR) for a FRC HELOC is variable and is based on the Prime Rate published in the Wall Street Journal (8.50% as of 7/27/2023), plus a margin. This APR is based on an “auto-pay” discount of 0.25% for Amerant Bank checking account customers. To qualify for the “auto-pay” discount, payments must be made via automatic payment from an Amerant Bank checking account which must be open and funded prior to closing. The discount may be terminated upon closure of the qualifying checking account. Your APR may vary based on credit history, property type, occupancy, lien position, line amount and other factors. At no time will the APR exceed 18%. Rates and programs are subject to change without notice. Contact us for current rates. Interest rate discounts may be available, ask us about Amerant Preferred. All advances will be subject to the variable rate APR according to the terms of the account agreement. Discounts are subject to change at any time and cannot be combined with any other offer or discount. Proceeds from advances made at closing cannot be used to pay off existing Amerant loan balances. Certain eligibility requirements and restrictions apply for lines greater than $1,000,000.
2 Amerant Bank will pay closing costs on lines of credit of up to $350,000. For lines of over $350,000 and up to $2,500,000, closing costs may range from $1,000 to $26,500. For loans originated in Florida: Lines of over $350,000 will receive a $2,500 credit towards closing costs. A $500 early closure fee may apply if the line is closed within 2 years from account opening. A $75 annual fee will be charged to your home equity line beginning on the first anniversary of the date on which you opened your account. For loans originated in Texas: Lines of over $350,000 will receive a $500 credit towards closing costs. Early closure fee does not apply. The minimum advance amount on the line is $4,000.
For more information on Home Equity products, refer to “What You Should Know about Home Equity Lines of Credit,” a consumer information booklet prepared by the Consumer Financial Protection Bureau. Consult your tax advisor concerning interest deductibility.
What does this mean for you? When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may ask to see your driver’s license or other identifying documents.
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