Home Equity Loan

If you want the security of a loan that has a predictable monthly payment, a Home Equity Loan may be right for you. Home Equity Loans can be used to make home improvements, consolidate higher interest rate debt or even refinance an existing mortgage. We offer competitive rates, flexible payment terms and you'll receive the full loan amount at the time of your loan closing.

  First Lien Loan 5-year term First Lien Loan 10-year term
MA, RI, CT, NH, NJ, PA, DE, ME, VT or DC  3.74% APR* 4.24% APR*
NY, MD 3.99% APR§ 4.49% APR§
 

- Rates valid with automatic payment -

 A Home Equity Loan is perfect for homeowners who have a one-time borrowing need and want the security of a fixed monthly payment at a great rate. Home Equity Loan benefits include:

  • No application fee
  • No closing costs
  • No appraisal fee
  • Interest may be tax deductible**
  • Rate discount when you have your payments automatically deducted from any Santander checking account.

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

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:

Life

  • 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

Disability

  • 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.

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. 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.

 

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

  Home Equity Loan Home Equity Line of Credit
Ideal For Homeowners that have a one time borrowing need and want a predictable monthly payment. Homeowners that want the flexibility to borrow whenever funds are needed.
Common Uses Making home improvements, home repairs, purchasing an auto or any other major purchase, education, medical bills or bill consolidation. Making home improvements, home repairs, purchasing an auto or any other purchase, education, medical bills, bill consolidation or in case of an emergency.
Funds Availability Entire loan amount is given in one lump sum. Convenience of borrowing when you need it, as you need it, 24/7, by writing a check from your account or making an on-line transfer. Allows access to funds up to the established credit limit for a 10 year draw period.
Loan/Line Amounts Available $10,000 - $750,000 $10,000-$750,000
Payment Options Predictable monthly payment amount
"Principal and Interest" option only.

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

Your payment option can be changed every 12 months.

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

 

* To get the APRs shown, you must have or open any Santander Bank, N.A. checking account and use automatic payment from that account. The APR and payment on your loan will increase after you obtain credit if automatic payment is discontinued. The APRs shown assume that your loan term will be 5 or 10 years, your Santander home equity loan will be in first lien position at the time of loan closing, and that your home equity loan amount will not exceed 80% of the appraised value of your 1-4 family owner-occupied residential property in MA, RI, CT, NH, NJ, PA, DE, ME, VT, or DC. Other rates and conditions apply to loans with different repayment terms or loans that will be secured by an investment property or second lien on the property. The monthly payment on a $25,000 first lien loan secured by a home with a 10 year term, 80% LTV, and 4.24% APR, is $255.97. The monthly payment on a $25,000 first lien loan secured by a home with a 5 year term, 80% LTV and 3.74% APR is $457.49. Property insurance is required. Flood insurance may be required. Rates and other conditions accurate as of 1/15/14 and are subject to change thereafter. Applications are subject to approval. The minimum loan amount is $10,000 and the maximum loan amount is $750,000. If your home is on the market for sale at the time of application, you are not eligible for this offer.

§ To get the APRs shown, you must have or open any Santander Bank, N.A. checking account and use automatic payment from that account. The APR and payment on your loan will increase after you obtain credit if automatic payment is discontinued. The APRs shown assume that your loan term will be 5 or 10 years, your Santander home equity loan will be in first lien position at the time of loan closing, and that your home equity loan amount will not exceed 80% of the appraised value of your 1-4 family owner-occupied residential property in Maryland or New York. Other rates and conditions apply to loans with different repayment terms or loans that will be secured by an investment property or second lien on the property. The monthly payment on a $25,000 first lien loan secured by a home with a 10 year term, 80% LTV, and 4.49% APR, is $258.97. The monthly payment on a $25,000 first lien loan secured by a home with a 5 year term, 80% LTV and 3.99% APR is $460.30. Mortgage recording tax will be paid by Santander but must be reimbursed if the loan is paid in full within 36 months. Property insurance is required. Flood insurance may be required. Rates and other conditions accurate as of 1/15/14 and are subject to change thereafter. Applications are subject to approval. The minimum loan amount is $10,000 and the maximum loan amount is $750,000. If your home is on the market for sale at the time of application, you are not eligible for this offer.