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.

State First-Lien, or Second-Lien(HELOC), line amount of Draw Amount Principal and
Interest Payment
MA, RI, NJ, PA, CT, NH, DE, ME, VT, DC $200,000 $25,000 $138.65 $62.50 3.00%
NY and MD $150,000 $25,000 $148.22 $78.12 3.75%
MA, RI, NJ, PA, CT, NH, DE, ME, VT, DC $200,000 $50,000 $277.30 $125.00 3.00%
NY and MD $150,000 $50,000 $296.44 $156.25 3.75%

Useful Links and Documents

Frequently Asked Questions

May We Also Suggest?

1 Check with your tax advisor

2Rates: 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 7/24/2020). We offer variable APRs with automatic payments from a Santander consumer checking account from Prime minus 0.25 percentage points (currently 3.00% APR) to Prime plus 2.50 percentage points (currently 5.75% APR), but if your property is located in NY or MD, the available variable APRs range from Prime plus 0.50 percentage points (currently 3.75% APR) to Prime plus 3.00 percentage points (currently 6.25%), although the APR will never be less than 2.24%. 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, or DC, and total mortgage loans to be secured by the property must not exceed 70% of the property’s value. Borrower must be an existing Santander customer. Line amount must be between $10,000 and $750,000. 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 NY 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 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 07/24/2020 and are subject to change without notice. Lines subject to approval.