Put your home to work for you with a home equity line of credit

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?

one loan that combines your construction costs and mortgage


Sprucing up your home with improvements or renovations.

orange expense icon


Consolidating your higher interest rate debt into one monthly payment.

financing higher education


Financing higher education costs.

HELOC Rates by Location

Payment based on First-Lien Home Equity Line of Credit (HELOC), $150,000 line amount. Rate includes a limited-time offer of double the standard 0.25% rate discount, now 0.50%, when you set up auto pay from any Santander Bank checking account.

State Draw Amount Principal and
Interest Payment
Variable-Rate APR2
MA, RI, NJ, PA, CT, NH, DE, ME, VT, DC $10,000 $77.08 $35.42 4.25%
NY and MD $10,000 $81.25 $39.58 4.75%
MA, RI, NJ, PA, CT, NH, DE, ME, VT, DC $25,000 $192.71 $88.54 4.25%
NY and MD $25,000 $203.13 $98.06 4.75%
MA, RI, NJ, PA, CT, NH, DE, ME, VT, DC $50,000 $385.42 $177.08 4.25%
NY and MD $50,000 $406.25 $197.92 4.75%
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

2Rates: For new Home Equity Lines of Credit (Lines), your initial Annual Percentage Rate (“APR”) is based on the U.S. Prime Rate (“Prime”) (5.25% as of 10/01/2018). 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 1.00 percentage points (currently 4.25% APR) and Prime plus 3.00 percentage points (currently 8.25% APR), and will depend on the following factors: amount of credit limit received, lien position, loan-to-value ratio, state of the pledged property, and ePay election. If ePay is discontinued, the APR will increase by 0.50 percentage points. 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 this property must not exceed 80% of the property’s value. 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 or Maryland, 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 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 of the interest rate lock. General Information: If your home is on the market, other rates and terms are available. 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 10/01/2018, based on a current Prime Rate of 5.25%, and are subject to change. Lines subject to approval.

▲▲▲Santander® Ultimate Cash Back® Annual Percentage Rates (APRs) and Fees: 3% introductory Annual Percentage Rate (APR) for 12 billing cycles on balance transfers made within 90 days of opening your account. After the introductory period, a variable APR for balance transfers from 16.49% to 25.49% based on the Prime Rate and your creditworthiness. There is no grace period on balance transfers. Also if you take a balance transfer offer, this means that unless your purchase APR is at an introductory or promotional 0% APR, you will pay interest on new purchases from the date made if you do not pay all balances, including the promotional balance transfer, in full by the next payment due date appearing on your statement. Balance Transfers cannot be used to pay off another Santander credit card, Santander loan or line, or another institution’s loan balances or card balances if they do not accept our electronic payments. Variable APR for purchases from 16.49% to 25.49% based on the Prime Rate and your creditworthiness when you open your account. Cash advance APR of 26.99%. Minimum finance charge of $1.50. Penalty APR of 31.99%, and loss of any introductory or promotional rate, if any, which may apply indefinitely to your account if you miss or make a late payment or otherwise default. There are no Annual, Balance Transfer, Cash Advance, Foreign Transaction, or Returned Payment fees. Finance charges still apply. Each time we do not receive the Minimum Payment Due in full by the Payment Due Date, we will charge you a Late Fee of $25 for the first late fee in a 6-month period and a $35 fee for each late payment until there are 6 consecutive months with no late payments. However, we will never charge a Late Payment Fee exceeding the Minimum Payment Due that is late. Rates effective as of . Rates are subject to change. 1.5% Cash back is earned on new net retail purchases (qualifying purchases less credits, returns, and adjustments) and can be redeemed for statement credit, gift cards, electronic certificates, or merchandise. Cash back cannot be earned on balance transfers, cash advances, purchases of money orders and other cash equivalents, purchases made by or for a business purpose, fees, interest charges, unauthorized / fraudulent transactions, and certain other charges. Cash back balance does not expire for accounts in good standing. Earn $100 cash back via statement credit after you spend $500 on net new retail purchases within the first 90 days of opening your account, provided the account is in good standing. This credit can take up to 6 weeks to be processed. Other terms and conditions apply. Credit card accounts are subject to approval.

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