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 deductible.1 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 years.2
  • Choose from two monthly payment options: interest only or principal + interest.2
  • 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 limit.2
  • 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 Fixed-Rate Payment Chart

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

State Draw Amount Principal and
Interest Payment
MA,RI,CT,NH,NY, NJ, PA, DE,ME,VT,MD, DC $10,000 $60.33 $18.67 2.24%
MA,RI,CT,NH,NY, NJ, PA, DE,ME,VT,MD, DC $25,000 $150.83 $46.67 2.24%
MA,RI,CT,NH,NY, NJ, PA, DE,ME,VT,MD, DC $50,000 $301.67 $93.33 2.24%

Variable-Rate Payment Chart

Thereafter, First-Lien Home Equity Line of Credit (HELOC) $100,000 Line Amount

State Draw Amount Principal and
Interest Payment
MA, RI, NJ, PA $25,000 $182.29 $78.13 3.75%
CT, NH, DE, ME, VT, DC $25,000 $187.50 $83.33 4.00%
NY and MD $25,000 $192.71 $88.54 4.25%
MA, RI, NJ, PA $50,000 $364.58 $156.25 3.75%
CT, NH, DE, ME, VT, DC $50,000 $375.00 $166.67 4.00%
NY and MD $50,000 $385.42 $177.08 4.25%
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.

Important Notice Regarding Existing Loan Protection and Credit Insurance Programs

Please be advised that Santander is discontinuing Santander’s Loan Protection Plan (SLPP) and credit insurance programs effective June 1, 2017, and on that date, enrollment will be cancelled. For further details on the termination click here to learn more.

Useful Links and Documents

Home Equity Line of Credit Get Started Guide


Frequently Asked Questions

May We Also Suggest?

1 Check with your tax advisor

Rates: To get the Home Equity Line of Credit (Line) Fixed-Rate Introductory Annual Percentage Rate (APR) and variable rate APR shown, payments must be automatically deducted (ePay) from a Santander checking account. The Introductory APR will apply only during the first six (6) billing cycles after your Line is opened. Thereafter, the APR for any existing balance or future advances 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 on the first business day of the calendar month. The variable APR that you will receive will range between Prime minus 0.50 percentage points (currently 3.75% APR) and Prime plus 3.00 percentage points (currently 7.25% APR), and will depend on the following factors: amount of credit limit received, lien position, location of pledged property, and ePayelection. If ePayis discontinued, the APR will increase by 0.25 percentage points. The Line must be in a first or second lien, secured by your 1-4 family primary residence located in MA, RI, CT, NH, NJ, NY, PA, DE, ME, VT, MD, or DC, and total mortgage loans to be secured by this property must not exceed 80.00%. Line amounts must be between $10,000 and $750,000. Other rates and terms apply to investment properties and loan-to-value ratios up to 89.99%. The APR will never be higher than 18.00%. 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 New York, 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. An annual fee, if any will be charged during the draw period beginning in the 13th month after the account is opened and each year thereafter on the anniversary date. The amount of the annual fee will be $0, $25, or $50 based on the type of deposit account you have with Santander at the time the fee is assessed. Fixed-Rate Lock Option fee is $50. 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, other rates and terms are available. $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 6/16/2017, based on a current Prime Rate of 4.25% and are subject to change. Lines subject to approval.

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

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