Santander Home Equity Line of Credit | Santander Bank - Santander
Santander Home Equity Line of Credit
Tap into your home s potential value to finance planned or unplanned expenses. Get started with our convenient online application, EZApply®.
No minimum draw for our best rates
Unlike most banks, we do not require a minimum borrowing amount to qualify for our best rates.
Line of Credit features & benefits
Talk to a Specialist at 844-726-6849
8 a.m. – 5 p.m. Eastern Time, Mon-Fri
8 a.m. – 5 p.m. Eastern Time, Mon-Fri
Flexible payment options *
$1 Monthly Fee, waived with any personal
Santander checking account or with a $100
average daily balance in the Santander Savings account
Santander checking account or with a $100
average daily balance in the Santander Savings account
No upfront costs*
- No application fee
- No appraisal fee
- No closing costs
Low rates and low payments*
- Save 0.25% on your rate when automatic payments are made from a Santander consumer checking account
Borrow any time*
- Use and reuse your line of credit as often as needed during the 10-year draw period
- Unlike traditional loans, you only make payments when you borrow from your line of credit
We can help with your expenses
Consolidate
high-interest debt
Get help with major
expenses
Finance higher
education costs
Check our current variable rate†
Filter Products
| State | First Lien HELOC Amount | Draw Amount | Principal and Interest Payment | Interest-Only Payment | APR† |
| MA, RI, NJ, PA, CT, NH, DE, ME, VT, DC | $200,000 | $25,000 — $50,000 | $171.88 — $343.75 | $67.71 — $135.42 | 3.25% |
| NY, FL and MD | $200,000 | $25,000 — $50,000 | $177.08 — $354.17 | $72.92 — $145.83 | 3.50% |
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†Above rates are valid with automatic payment from a Santander consumer checking account and a maximum 70% Loan-To-Value ratio. Other rates available for Loan-To-Value ratios from 70% to 80%. Payment examples do not include real estate taxes, homeowners insurance, or other amounts. Santander does not escrow (or charge borrowers for escrow waiver) on Home Equity Lines of Credit.
Apply now with EZApply®
Apply now with EZApply®
Our online application allows you to easily apply at your own convenience. See our HELOC Get Started Guide for more details.
- Track your application status at any time
- Work with a dedicated loan specialist
- Close the HELOC at your convenience
Talk to a Specialist at 844-726-6849
8 a.m. – 5 p.m. Eastern Time, Mon-Fri
8 a.m. – 5 p.m. Eastern Time, Mon-Fri
FAQs: HELOC
There is a $50 annual fee during the Draw Period, but it will be waived with a Santander® Private Client or Santander Select® account relationship. The fee is $25 with a Santander Preferred relationship.*
Your debt-to-income ratio is the dollar amount of the monthly payments you have divided by your gross monthly income. To determine your debt-to-income ratio, write down all of your current monthly debts (not including utility bills or auto insurance payments) and then divide that amount by your monthly gross income. That ratio is your debt to income. This ratio will be a key factor in determining how much you are eligible to borrow.
Yes, you can. With a Home Equity Line of Credit, you will choose if you want to make Interest-Only or Principal and Interest
payments during the 10-year “Draw Period” when you have access to your line of credit, up to your available credit limit. This election of Interest-Only or Principal and Interest payments may be changed every 12 months. When the “Draw Period” ends and the 20-year “Repayment Period” begins, you will be required to pay Principal and Interest payments.
Interest you pay on a Home Equity Line of Credit, which is secured by a mortgage on a property, may be tax deductible. Consult with a tax advisor to determine whether the interest you pay is eligible based on your situation.
In order to determine the equity in your home, there are two things you will need to know: the home’s value (use a home value estimator or take your best guess) and the amount owed on the property. To calculate your equity, take your home’s value and then subtract the amount owed on all mortgages.
For example: If you have a property worth $250,000 and the total mortgage balances owed on the property are $110,000,
then you have a total of $140,000 in equity.
Find UsBranches across the Northeast and in Miami, Florida, plus 2,000+ ATMs.
*Rates: The Home Equity Line of Credit (Line) Variable Annual Percentage Rate (APR), is based on the U.S. Prime Rate published in The Wall Street Journal (Prime)(3.25% as of 4/5/2021). We offer variable APRs with automatic payments from a Santander consumer checking account from Prime (currently 3.25% APR) to Prime plus 3.75 percentage points (currently 7.00% APR), but if your property is located in NY, FL or MD, the available variable APRs range from Prime plus 0.25 percentage points (currently 3.50% APR) to Prime plus 4.00 percentage points (currently 7.25%). The variable APR you receive will depend on the following factors: amount of credit limit received, lien position, state of the pledged property, your credit score, and ePay election. If ePay is discontinued, the APR will increase by 0.25 percentage points. Variable APRs may change each billing cycle if Prime changes. The Line must be a first or second lien, secured by your 1-4 family primary residence (excluding mobile homes and co-ops) located in MA, RI, CT, NH, NJ, NY, PA, DE, ME, VT, MD, DC, or FL and total mortgage loans to be secured by the property must not exceed 80% (75% maximum in FL) of the property’s value. Line amount must be between $10,000 and $750,000. The APR will never be higher than 18.00% or less than 2.24%. Fees: There is a $450 termination fee if you close the Line within the first 36 months of account opening. If your property is located in NY, FL, or MD, the Bank will pay the mortgage tax at closing on your behalf; however, it must be reimbursed if the Line is closed within 36 months of account opening. Any annual fee will be charged in the 13th month after you open the Account and in the same billing cycle of each following year during the Draw Period. The amount of the annual fee will be $50, which may be discounted or waived based on the type of deposit account you have with Santander Bank at the time the fee is assessed. Fixed-Rate Lock: Balances you choose to lock in with the Fixed-Rate Lock option must be repaid in equal monthly payments of both principal and interest. Fixed rate and repayment terms will be determined at the time the fixed-rate lock is established. General Information: A $175 fee applies if your property is held in trust. Property insurance is required. Flood insurance may be required. Rates and terms are accurate as of xx/xx/xxxx and are subject to change without notice. Lines subject to approval.
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