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Finance expenses with a Home Equity Line of Credit (HELOC) from Santander Bank.

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Advantages of a Home Equity Line of Credit (HELOC)

You've worked hard to own your home. Now, let it work hard for you. A Home Equity Line of Credit (HELOC) can serve as a ready source of funds for planned or unexpected expenses. You can use it to pay for renovations or tuition, consolidate higher interest rate debt, or finance just about anything else that's on your priority list. With no application fee, appraisal fees or closing costs, applying for a Home Equity Line of Credit (HELOC) is convenient and budget-friendly. Plus, you only pay interest on the amount you use and that interest may be tax deductible1. Discover the financing benefits of a Santander Bank Home Equity Line of Credit (HELOC).


Home Equity Line of Credit (HELOC) Features


  • 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 Home Equity Line of Credit (HELOC) rates when you set up automatic payments from any Santander Bank checking account.

What Can a Home Equity Line
of Credit (HELOC) 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.

Introductory Rate Payment Chart

(for the first 6 billing cycles, minimum $10,000 credit line)

State Draw Amount Principal and
Interest Payment
Interest Only
MA,RI,CT,NH,NY, NJ,PA, DE,ME,VT,MD, DC $10,000 $58.25 $16.58 1.99%
MA,RI,CT,NH,NY, NJ,PA, DE,ME,VT,MD, DC $25,000 $145.63 $41.46 1.99%
MA,RI,CT,NH,NY, NJ,PA, DE,ME,VT,MD, DC $50,000 $291.25 $82.92 1.99%


Home Equity Line of Credit (HELOC) Payment Examples

Thereafter, First Lien Home Equity Line of Credit (HELOC) $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 of credit.

Is a Home Equity Line
of Credit (HELOC) Right for Me?

Wondering how much your payments might be with a Home Equity Line of Credit (HELOC)? 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.

May We Also Suggest?

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Find credit card rewards worth cheering about.

Bravo® Credit Card


  • $100 cash back as a statement credit when you spend $1,000 on new net retail purchases during the first 90 days after account opening.*
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1 Check with your tax advisor

2Rates: To get the Home Equity Line of Credit Fixed-Rate Introductory Annual Percentage Rate (APR) and variable rate APR shown, you must have or open a Santander checking account and use automatic payment from that account. The Introductory APR will apply only during the first six (6) billing cycles after your Home Equity Line (“Line”) is opened. Thereafter, the APR, including the APR on any existing balance, will convert to the applicable variable rate APR. This APR may vary monthly and is based on the U.S. Prime Rate published in the Money Rates table of The Wall Street Journal (WSJ) on the first business day of the calendar month. In the event that the WSJ publishes more than one U.S. Prime Rate, we will use the highest published rate. The actual variable rate that you receive will range between Prime minus 0.50 percentage points (currently 3.00% APR) and Prime plus 3.00 percentage points (currently 6.50% APR), and will depend on the following factors: amount of credit limit received, lien position, location of pledged property, and election of automatic payment from any Santander checking account. If automatic payments are discontinued, the interest rate will increase by 0.25 percentage points. The property pledged as collateral must be a first or second lien on your 1 – 4 family primary residence located in MA, RI, CT, NH, NJ, NY, PA, DE, ME, VT or DC, and total mortgage loans to be secured by this property will not exceed 80.00%. The minimum Line amount is $10,000 and maximum Line amount is $750,000. Other rates and terms apply to investment properties and loan-to-value ratios up to 89.99%. After the introductory rate period expires, over the term of the line of credit, the rate will never be lower than 2.24% APR, nor higher than 18.00% APR.

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 enters the 20-year repayment period during which you must repay principal and interest.

Fees: There is a $450 termination fee if you close the Line within 36 months NY customers – the bank will pay the mortgage tax on your behalf, however, it must be reimbursed if the Line is closed within 36 months. An annual fee, if any, will be charged during the draw period beginning on the 13th month after the account is opened and each year thereafter on the anniversary date. The amount of the annual fee will vary based on the type of deposit account you have with Santander at the time the fee is assessed each year and will be waived as long as you maintain a Santander Select®, Premier, or Santander Premier Plus account. The annual fee will be $25 as long as you maintain a Santander Preferred account and in all other cases will be $50. There is a $50 fee to lock in a rate using the Fixed-Rate Lock Option. Balances you choose to lock in at a fixed rate of interest must be repaid in substantially equal monthly payments of both principal and interest.

General Information: If your home is on the market for sale at the time of application, you are not eligible for this offer, but you may contact us regarding terms for a Swing Line of Credit. 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 the time of application. Property insurance is required. Flood insurance may be required.

Rates and terms are accurate as of 7/1/16, based on a current Prime Rate of 3.50% and are subject to change. Lines subject to approval.

¤Accounts must be in good standing. Applies to net purchases only.