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FlexLock® Home Equity Line of Credit

Some expenses you can plan for, and some you can't. Unlock the equity in your home and be prepared for either with a Santander FlexLock Home Equity Line of Credit. It gives you the flexibility to access your funds when you need them and you can use your line for home improvements, debt consolidation or any other expense, and only pay interest on the amount you borrow.

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

State Draw Amount Principal and
Interest Payment
Interest Only
Payment
APR*
MA,RI,CT,NH,NJ,PA,DE,
ME,VT,DC
$25,000 $161.25 $57.08 2.74%
NY and MD $25,000 $166.46 $62.29 2.99%
MA,RI,CT,NH,NJ,PA,DE,
ME,VT,DC
$50,000 $322.50 $114.17 2.74%
NY and MD $50,000 $322.92 $124.58 2.99%

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.

 

With a FlexLock Home Equity Line of Credit, you can:

Use your variable rate line of credit for virtually any purpose. You only pay interest on the amount you borrow, and as you repay your balance, you can use it again. Plus, the interest you pay may be tax deductible.**
So it's a great way to:

  • Pay for home improvements or renovations
  • Consolidate your bills into one low monthly payment
  • Finance higher education
  • Have access to funds for unexpected expenses

Arrange to have your payments automatically deducted from any Santander checking account and you'll enjoy a discount off our already competitive rates.

Take advantage of the optional Santander Loan Protection Plan.† 

Santander® Optional Loan Protection Plan

Help protect what matters most – your family, your assets and your finances

You can take steps to help protect yourself and your family when you experience certain unexpected life events. With Santander's Loan Protection Plan your eligible Santander loan payments and/or outstanding loan balance may be cancelled if you experience involuntary unemployment, disability or even loss of life. Santander can help take the worry away by giving you the reassurance you need.

You can help protect your family's finances by directing your household income where you need it most. Simply add one or more of these Loan Protection plans to your new Santander Home Equity Line of Credit or other eligible secured loan.

Santander can offer you three separate protection options:

Life

  • Up to $100,000 of the eligible balance on your protected Santander loan may be canceled in the event of your loss of life
  • Co–borrowers may not have to pay the eligible canceled balance
  • Existing life insurance benefits may be used by your beneficiaries to pay other obligations or provide income to your family

Disability

  • Cancels up to 15 eligible minimum monthly payments of up to $1,000 per month on your protected Santander loan and allows you to use you disability income, if any, to help meet medical or other expenses
  • May help to reduce stress on your family budget during an already stressful time

Involuntary Unemployment

  • Cancels up to 15 eligible minimum monthly payments of up to $1,000 per month on your protected Santander loan and allows you to use unemployment income to pay other bills or obligations

† The Plan is not an automatic feature of any loan or line of credit. It must be separately requested and purchased by the borrower at an additional cost. Eligibility requirements, benefit limitations, exclusions and other terms and conditions apply.

About Loan Protection Fees

The monthly fee for each Loan Protection plan is based on your daily account balance (up to a maximum of $100,000) for the monthly payment period, multiplied by the daily equivalent of the monthly rate per thousand, which is:

Life Protection – A Single Plan has a $0.99 per month fee for each one thousand dollars of your outstanding principal balance. A Joint Plan has a $1.98 per month fee for each one thousand dollars of your outstanding principal balance.

Disability Protection – A Single Plan has a $0.50 per month fee for each one thousand dollars of your outstanding principal balance. A Joint Plan has a $1.00 per month fee for each one thousand dollars of your outstanding principal balance.

Involuntary Unemployment Protection – A Single Plan has a $0.68 per month fee for each one thousand dollars of your outstanding principal balance. A Joint Plan has a $1.36 per month fee for each one thousand dollars of your outstanding principal balance.

For more information, or to purchase one or more of these Loan Protection plans, see your Santander representative.

† PLEASE READ THE FOLLOWING IMPORTANT INFORMATION:

  1. Your purchase of a Loan Protection Plan is optional. Whether or not you purchase a Loan Protection Plan will not affect your application for credit or the terms of any existing credit agreement you have with us.

  2. Before you are billed for a Loan Protection Plan, you will receive a copy of the Agreement, which contains eligibility requirements, terms, conditions and exclusions of a Loan Protection Plan.

  3. There are eligibility requirements, terms, conditions, and exclusions that could prevent you from receiving Loan Protection benefits, or could limit the amount or duration of benefits available to you. You should carefully read the Agreement for a full explanation of the terms of each Loan Protection Plan. A copy of the Agreement can be provided to you by your local Santander branch office.

  4. Life Protection is limited to a maximum of $100,000 for Home Equity Lines of Credit and other eligible secured loans over $100,000.

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*Rates:  The Santander Bank, N.A. Home Equity Line of Credit ("Line") has an Annual Percentage Rate ("APR") that may vary monthly based on the latest U.S. Prime Rate published in The Wall Street Journal as of the first business day of the month.  To obtain the best Line rate of Prime minus 0.51 percentage points (now 2.74% APR), all of the following criteria must be met:   a) you must receive a minimum Line amount of $100,000 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% 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 minus 0.26 percentage points (now 2.99% 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.

 

Fees:
$450 termination fee if you close the line with 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.  This fee will be waived if you have a Santander Select or Premier checking account at the time the fee is assessed and will be reduced to $25 if you have a Preferred checking account.  Preferred “Plus” checking account customers will be assessed the standard $50 fee.

 

$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 information is accurate as of 4/01/2015 and is subject to change.  Line accounts are subject to approval.

 

** Check with your tax advisor.

 

† This is not an automatic feature of any loan or line of credit. It must be separately requested and purchased by the borrower at an additional cost. Eligibility requirements, benefit limitations, exclusions and other terms and conditions apply. Ask for details.