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Santander Bank provides home equity lines of credit (HELOC) that enable your home to work hard for you.

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Home Equity Line of Credit

You've worked hard to own your home. Now, let it work hard for you. A Home Equity Line of Credit serves as a ready source of funds for many types of planned and unexpected expenses. 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 deductible1.



  • Access your available funds easily with a check or transfer from online banking.
  • Use and reuse your line as you re-pay for up to 10 years2.
  • Choose from two monthly payment options: interest only or principal + interest2.
  • Fixed rate lock option allows you to set up predictable monthly payments by converting all or a portion of your outstanding balance to a fixed rate loan without losing access to additional funds that you don't choose to convert, up to your approved credit limit2.
  • Enjoy a rate discount on our already-competitive rates when you set up automatic payments from any Santander Bank checking account.

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



Sprucing up your home with
improvements or renovations.



Consolidating your higher interest
rate debt into one monthly payment.



Financing higher education costs.

Payment Examples

First Lien Home Equity Line of Credit $100,000 Line Amount

State Draw Amount Principal and
Interest Payment
Interest Only
$25,000 $166.67 $62.50 3.00%
NY and MD $25,000 $177.09 $72.92 3.50%
$50,000 $333.33 $125.00 3.00%
NY and MD $50,000 $354.16 $145.83 3.50%

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.

Is a Home Equity Line
of Credit Right for Me?

Wondering how much your payments might be with a Home Equity Line of Credit? You can run the numbers using these handy calculators:

Useful Links and Documents
Frequently Asked Questions
  • 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 same2.

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1 Check with your tax advisor

2 Rates: For new Home Equity Lines of Credit (Line), your initial Annual Percentage Rate (APR) is based on the U.S. Prime Rate published in the Money Rates table of The Wall Street Journal on the date you sign the credit agreement for your new credit account. Thereafter, your APR may vary monthly and is based on the U.S. Prime Rate published in the Money Rates table of The Wall Street Journal on the first business day of the calendar month. To obtain the best Line rate of Prime minus 0.50 percentage points (now 3.00% APR), all of the following criteria must be met: a) you must receive a minimum Line amount of $200,000 and a maximum Line amount of $750,000; b) the Line must be secured by a first lien on your 1-4 family primary residence located in MA, RI, CT, NH, NJ, PA, DE, ME, VT, or DC; c) total mortgage loans to be secured by this property must not exceed 80% of the property's value; and d) you must use automatic payment from a Santander checking account. If automatic payments are discontinued, the interest rate will increase by 0.25 percentage points and the payment will increase. Minimum rate is 2.24% APR and maximum rate is 18% APR. Other rates and terms are available on Line amounts with a minimum of $10,000, loan-to-value ratios up to 89.99% on second liens and Lines secured by investment properties. For properties located in NY or MD, the same criteria for obtaining our best rate applies; however, the best Line rate will be Prime plus 0 percentage points (now 3.50% APR). On Lines up to and including $750,000, Santander will pay your mortgage recordation tax at closing; however, you must reimburse us for this amount if the line is closed within 36 months.

Draw and Repayment Terms: The Line has a 10 year draw period during which you may obtain advances and elect either principal and interest or interest only payments. Thereafter, no additional advances may be taken and the Line will enter its 20 year repayment period during which you must repay both principal and interest.


$450 termination fee if you close the line within 36 months

$50 annual fee. This fee is assessed on the 13th month after the account is opened and each following year on the account's anniversary date during the draw period.

The annual fee will be waived as long as you maintain a Santander Select, Premier, or Premier Plus account. The annual fee will be $25 as long as you maintain a Santander Preferred account. In all other cases the annual fee will be $50.

$50 fee to lock in a rate using the Fixed Rate Lock Option.

Other Information: If your property is held in a trust, all the terms above will apply, except that there will be a $175 non-refundable trust review fee due at time of application. If your home is on the market for sale and you would like to apply for a Swing Line of Credit, a $ 400 non-refundable application fee, but no termination fee, will apply. Property insurance is required. Flood insurance may be required.

All rates and terms are accurate as of 03/01/2016 date, based upon a Prime Rate of 3.50%, and are subject to change. Line accounts are subject to approval.

† Accounts must be in good standing. Applies to new net retail purchases only.

¿ 0% Intro APR for 18 billing cycles on balance transfers made within 90 days of opening your account. After introductory period a variable APR for balance transfers from 15.99% to 24.99% based on the Prime Rate and your creditworthiness, with a transaction fee for each balance transfer of either $10 or 3%, whichever is greater. Variable APR for purchases from 15.99% to 24.99%, based on your creditworthiness when you open your account. Cash advance rate of 24.99% APR. Minimum finance charge of $1.50. The fee for cash advances is $10 or 5%, whichever is greater. Penalty rate of 29.99% APR. The foreign transaction fee is 3% of the gross amount of transactions made in a foreign currency and transactions made in U.S. Dollars that are processed outside the 50 United States, District of Columbia, Puerto Rico, or Santander ATMs in Mexico. Purchases of wire transfers from a non-financial institution of either $10 or 4% of the amount of each transaction, whichever is greater. The annual fee is $49 per year (waived for the first year of the account, and waived in each of the subsequent years on the anniversary date of the account if you maintain a Santander SelectSM checking account or if you are qualified for a Santander® Bank employee checking account). There is no grace period on balance transfers. Also if you take a balance transfer offer, this means that unless your purchase APR is at an introductory or promotional 0% APR, you will pay interest on new purchases from the date made if you do not pay all balances, including the promotional balance transfer, in full by the next payment due date appearing on your statement. Rates are effective as of today. Please see the Terms and Conditions for additional rate, fee, and other cost information.