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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
$25,000 $161.25 $57.08 2.74%
NY and MD $25,000 $166.46 $62.29 2.99%
$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.† 

Depending on your needs, you can apply for either a FlexLock Home Equity Line of Credit or Home Equity Loan. For help deciding which is best for you, use the simple chart below or call or visit us. We're here to help!

  Home Equity Line of Credit Home Equity Loan
Ideal For Homeowners that want the flexibility to borrow when funds are needed. Homeowners that have a one time borrowing need and want a predictable monthly payment.
Common Uses Making home improvements, home repairs, purchasing an auto or any other major purchase, education, medical bills, bill consolidation or in case of an emergency. Making home improvements, home repairs, purchasing an auto or any other purchase, education, medical bills, or bill consolidation.
Funds Availability Convenience of borrowing when you need it, as you need it, 24/7, by writing a check from your account or making an online transfer. Allows access to funds up to the established credit limit for a 10 year draw period. Entire loan amount is given in one lump sum.
Interest Rate Variable Rate based on a percentage over/under Prime Rate. Also contains the option to lock in all or part of the outstanding balance at a fixed rate of interest. Predictable Rate and Term (rate can only change if automatic payment election is discontinued).
Loan/Line Amounts Available $10,000 - $750,000 $10,000-$750,000
Payment Options

Payment amount can change monthly.
"Principal and Interest" or "Interest Only" options.

Your payment option can be changed every 12 months.

Predictable monthly payment amount.
"Principal and Interest" option only.

Tax Deductibility? Interest paid may be tax deductible**. Interest paid may be tax deductible**.


Santander Optional Loan Protection Plan
Help protect what matters most - your family, your assets and your finances

Get peace of mind knowing your eligible Santander loan payments and/or outstanding loan balance can be canceled if you experience involuntary unemployment, disability or even loss of life. Santander can help take the worry away by giving you the security 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 Loan, Home Equity Line of Credit or other eligible secured loan.

Santander can offer you three great protection options:


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


  • Cancels up to 12 eligible minimum monthly payments on your protected Santander loan and allows you to use any disability benefits to help meet medical expenses
  • Can reduce stress on your family budget during an already stressful time

Involuntary Unemployment

  • Cancels up to 12 eligible minimum monthly payments on your protected Santander loan and lets you use unemployment income to pay other bills or obligations

About Loan Protection Fees
The monthly fee for each Loan Protection plan is based on your daily account balance 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 outstanding. A Joint Plan has a $1.98 per month fee for each one thousand dollars outstanding.

Disability Protection - A Single Plan has a $0.50 per month fee for each one thousand dollars outstanding. A Joint Plan has a $1.00 per month fee for each one thousand dollars outstanding.

Involuntary Unemployment Protection - A Single Plan has a $0.68 per month fee for each one thousand dollars outstanding. A Joint Plan has a $1.36 per month fee for each one thousand dollars outstanding.
For more information, or to purchase one or more of these Loan Protection plans, see your Santander representative.


  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. We will give you additional information before you are billed for a Loan Protection Plan. This will consist of a copy of the Agreement containing the 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 Loans, Home Equity Lines of Credit and other eligible secured loans over $100,000.

Apply Now

*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.


$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 1/01/2015 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.