Home Equity Line of Credit

Ready to tap your home’s equity? Faster?

You’ll like
a Santander
Home Equity Line of Credit

If you’re looking for
easy access to funds for planned or unplanned expenses.

Favorite features

  • Flexibility to borrow any time and pay as you want.
  • Low payments and low rates, variable or fixed.
  • No up-front costs like application or appraisal fees.
  • Fixed-Rate lock option to lock-in your outstanding balance at a fixed rate.
  • Dedicated Home Equity specialists to help you along the way.

EZApply® from Santander®

Ready when you are with the fastest and simplest way to apply and close on a Santander HELOC.

  • Apply fast and paperless any time, anywhere.
  • Track your application status from start to finish.
  • Work with a loan specialist assigned to you
  • Close the loan at your convenience.



Talk to a Home Equity Specialist.


Santander Home Equity Line of Credit benefits:

  • Borrow any time. Different than a traditional loan, you do not have to start paying immediately. Only when you use your line.
  • Use and reuse your line as you re-pay for up to 10 years.
  • Choose between Interest only or Principal & Interest payment options during the 10-year draw period. After that, 20 years to repay.
  • Access funds through mobile, online banking, or checks.
  • Apply easily online, over the phone, or in-person.
  • 0.25% off your rate with automatic payment from a Santander checking account. Other discount rates may be available based on your deposit accounts.2
  • No minimum-draw requirement to receive the best rate unlike most banks.
  • Normally a cheaper lending option than a personal loan or a credit card.

Unlike most Mortgages & Fixed rate loans, a Santander Home Equity Line of Credit comes with:

  • No application fee.
  • No appraisal fees.
  • No closing costs.2
  • Opt for a fixed rate with a predictable payment.
  • Allows you to lock in all or a portion of your outstanding balance to a fixed rate up to your available credit limit.
  • Access additional funds up to your available credit limit that you don’t choose to convert.

What Can a Home Equity Line of Credit (HELOC) Be Used For?



Sprucing up your home with improvements or renovations.


Financing higher education costs.

Debt Consolidation

Consolidating your higher-interest-rate debt into one monthly payment.

Major expenses

Medical expenses, buying a new car, etc.

HELOC tools and resources.


HELOC Get Started Guide

Help following the process from A to Z.

Calculate your home’s equity

HELOC calculator


Check current variable-rate payment chart.

State First-Lien (HELOC),
line amount of
Draw Amount Principal and
Interest Payment


$200,000 $25,000 $171.88 $67.71 3.25%

NY, FL and MD

$200,000 $25,000 $177.08 $72.92 3.50%


$200,000 $50,000 $343.75 $135.42 3.25%
NY, FL and MD $200,000 $50,000 $354.17 $145.83 3.50%

Above rates are valid with automatic payment from any Santander Bank 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.

Have questions?



Talk to a dedicated HELOC specialist.

Arrange a meeting with one of our specialists.

Customers also like:

  • Competitive interest rates — plus earn a rate discount when you set up automatic payments from any Santander Bank checking account.
  • Predictable monthly payments.
  • No collateral required.
  • No application fee or annual fee.

Learn More

Explore valuable mortgage-related insights and information.

Learn More

Frequently Asked Questions

There is a $50 annual fee during the Draw Period but will be waived with a Santander® Private Client or Santander Select® account relationship.2 The fee is $25 with a Santander Preferred relationship.2

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), 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.

LTV stands for loan-to-value ratio. LTV is used to determine how much you are eligible to borrow and is one of the factors used to determine the amount of your approved credit limit. It is the total amount of mortgages on the property (i.e., mortgage, home equity line of credit etc.) divided by its fair market value. A lender may allow you to borrow up to 80% LTV, but this varies by state and lender. The lender will multiply the appraised value by 80%, then subtract the outstanding liens on the property. The remaining balance represents your available equity.

For instance: Using the example from the FAQ above, if you have a property worth $250,000 and you owe $110,000, you may be eligible to borrow $90,000. That is $250,000 x 80% = $200,000 - $110,000 = $90,000

A Home Equity Line of Credit serves as a ready source of funds for many types of planned and unexpected expenses. Although many customers use a Home Equity Line of Credit for home improvements, it can be used for practically any type of expense. You can use it to pay for renovations, tuition, consolidate higher interest rate debt, or finance just about anything else that’s on your priority list. It’s budget-friendly too with no application or appraisal fees, and no closing costs. Plus, you only pay interest on the amount you use and that interest may be tax deductible. (Consult a tax advisor for more information.)

When reviewing your application, a lending underwriter at the bank examines three primary factors to assess whether you qualify for the line of credit and the credit limit:

  • Your credit history including FICO credit score
  • Your loan-to-value ratio (LTV)
  • Your debt-to-income ratio (DTI)

There is no penalty for paying off the balance early. However, if the Home Equity Line of Credit is closed entirely within the first 36 months, a $450 fee will be charged.2

The interest rate is the cost to borrow money from your line of credit. The APR (annual percentage rate) adds in some of the upfront costs of getting the line of credit in addition to the interest, including any lender fees. Santander does not have any upfront fees so the APR and the interest rate are the same.2

The period of time that you have access to funds is known as the “Draw Period.” This varies from lender to lender. At Santander, the Draw Period is 10 years. After the “Draw Period” expires, you will then have an additional 20 years to repay the balance owed. This is known as the “Repayment Period.”

Santander Home Equity Lines of Credit do not have any closing costs.2

An appraisal is required by regulation to be approved for a home equity line of credit but does not always require an interior inspection. After we review your application, we will determine the type of appraisal that will be needed based on the requested line amount. Although some lenders will charge you for this appraisal, Santander does not charge an appraisal fee on the Home Equity Line of Credit.2 There is no cost to you.

Points are typically charged on mortgage loans and not home equity lines of credit. Points are a one-time fee that you can pay to lower your loan’s interest rate. One point equals one percent of your loan amount. Santander does not charge points on a Home Equity Line of Credit.2

There are many websites that provide an estimated home value based on recent sales of similar homes in your neighborhood. However, we will also determine the value during your application process.

1 Check with your tax advisor

2 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 4/5/2021 and are subject to change without notice. Lines subject to approval.

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