Put your home to work for you.

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.

Introductory Variable-Rate Payment Chart

For the first 12 Billing Cycles.

HELOC Rates by Location

State Draw Amount Principal and
Interest Payment
Variable-Rate APR2
MA, RI, NJ, PA, CT, NH, DE, ME, VT, DC $10,000 $74.92 $33.25 3.99%
NY and MD $10,000 $79.09 $37.42 4.49%
MA, RI, NJ, PA, CT, NH, DE, ME, VT, DC $25,000 $187.29 $83.13 3.99%
NY and MD $25,000 $197.71 $93.54 4.49%
MA, RI, NJ, PA, CT, NH, DE, ME, VT, DC $50,000 $374.58 $166.25 3.99%
NY and MD $50,000 $395.42 $187.08 4.49%

Variable-Rate Payment Chart

Payment based on First-Lien Home Equity Line of Credit (HELOC), $150,000 line amount. 

State Draw Amount Principal and
Interest Payment
MA, RI, NJ, PA, CT, NH, DE, ME, VT, DC $25,000 $203.13 $98.96 4.75%
NY and MD $25,000 $213.13 $109.38 5.25%
MA, RI, NJ, PA, CT, NH, DE, ME, VT, DC $50,000 $406.25 $197.92 4.75%
NY and MD $50,000 $427.08 $218.75 5.25%

Above rates are valid with automatic payment from any Santander Bank checking account.

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.

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: To get the Home Equity Line of Credit (Line) Variable Rate Introductory Annual Percentage Rate (APR) and the variable rate APR thereafter, payments must be automatically deducted (ePay) from a Santander Bank checking account. The Introductory APR, which applies only during the first twelve (12) billing cycles after your Line is opened, is based on the U.S. Prime Rate (“Prime”) (5.50% as of 01/02/19) minus 1.51 percentage points (currently 3.99% APR), or Prime minus 1.01 percentage points (currently 4.49% APR) for properties located in NY or MD. Prime may change at any time and is subject to change without notice. If Prime increases or decreases during the Introductory Period, the variable Introductory APR and minimum required payment will correspondingly change. Thereafter, the APR for any existing balance or future advances will convert to the applicable variable rate APR according to the terms of your Agreement. This APR may also 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 0.75 percentage points (currently 4.75% APR) and Prime plus 3.25 percentage points (currently 8.75% APR), and will depend on the following factors: amount of credit limit received, lien position, state of the pledged property, and ePay election. If ePay is discontinued during the introductory period, the Introductory APR will cease and the applicable non-introductory APR will apply. If ePay is discontinued after the introductory period, the APR will increase by 0.25 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 01/02/2019 based on a Prime Rate of 5.50%, and are subject to change. Lines subject to approval.

app storegoogle play