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Santander HELOC review

Enjoy no minimum draw and no closing costs from this regional bank.

Santander’s home equity line of credit (HELOC) can give you access to the money you need to make home repairs or pay for unexpected family expenses. It comes with many attractive perks but is only available to borrowers who have a Santander account and live in the bank’s 13-state service area.


Loan products offeredHELOC
Minimum credit scorenone listed
APR range2.24% to 18%
Repayment terms10-year draw and 20-year repayment
Loan limits$10,000 to $750,000
State availabilityOnly available in: CT, DC, DE, FL, MA, MD, ME, NH, NJ, NY, PA, RI, VT

Pros and cons of Santander


  • No application fees or closing costs. Santander doesn’t charge either application fees or closing costs and even pays for the home’s appraisal.
  • Fixed-rate lock option. Lock a portion or all of what you’ve borrowed from your HELOC into a fixed-rate balance.
  • No minimum draw. Where most banks require you to take out a large sum of money with each draw, Santander has no minimum draw requirement.


  • Early closure penalty. If you close your HELOC account within 36 months, Santander charges you $450.
  • Annual account fee. You’re charged $50 per year to keep your HELOC account unless you maintain a specific type of Santander account.
  • Must be an existing customer. To apply for a HELOC, you must already have an established relationship with Santander Bank.

What types of fees does Santander charge?

If you have a Private Client or Select account with Santander, $50 annual fee starts after the first year that you can waive or get reduced to $25 if you have a Preferred account.

Santander doesn’t charge an application fee or closing costs. And if an appraisal is needed, the bank will pay for that as well.

Santander requirements

This lender considers the following three criteria when deciding whether you qualify for a credit line, how much you qualify for and what your interest rate will be:

  • Credit history and score
  • Loan-to-value ratio (LTV)
  • Debt-to-income ratio (DTI)

Additionally, your total loaned money — including your mortgage and the line of credit — can’t exceed 80% of your home’s value.


You may need the following information to help you fill out your application:

  • Recent pay stubs
  • Statements for bank, retirement and investment accounts
  • Tax returns and W-2 forms
  • Homeowners insurance information
  • Flood insurance information, if applicable
  • Information about your home’s market value

How to apply for a HELOC with Santander

Use the following steps to apply for your line of credit:

  1. Navigate to the Home Equity Line of Credit page on Santander’s website and choose EZApply.
  2. Create a user account and verify your email address.
  3. Enter your personal information and select Save & Continue.
  4. Confirm you are applying for a HELOC and select Save & Continue.
  5. Answer questions about your employment and authorize Santander to verify your status. Choose Save & Continue.
  6. Enter information about your assets and liabilities. Select Save & Continue.
  7. Answer demographic questions and hit Save & Continue.
  8. Review your application details, authorize Santander to run your credit report and submit your application.

What types of home equity products does Santander offer?

Santander only offers a home equity line of credit with a 10-year draw period and 20-year repayment period. Access your funds through mobile or online banking or by using a check.

Other mortgage products Santander offers

Santander also offers the following mortgage loans:

  • Conventional loans
  • Mortgage refinance
  • Construction loans
  • FHA loans
  • VA loans

How Santander’s home equity products compare to other lenders

While other banks may offer more home equity options, Santander’s HELOC allows you to lock all or part of your variable-rate balance into a fixed rate so you can save money on interest. And if you already bank with Santander, authorizing automatic payments can save you 0.25% off your interest rate.

Compare HELOC lenders

Compare these lenders and lender marketplaces by the type of home equity product you’re searching for, state availability and minimum credit score. Select See rates to provide the company with basic property and financial details for personalized rates.

Name Product Loan products offered State availability Min. credit score
(NMLS #1717824)
Not available in: DE, HI, KY, MD, NY, SC, TX, UT, WV
Speedy prequalification, minimal fees and a wide range of loans and terms with this HELOC lender.
(NMLS #1136)
HELOC, Home Equity loans
Available in all states
Connect with vetted lenders quickly through this free online marketplace.
Hometap Equity Partners
Hometap Equity Partners
Home equity investment
Only available in: AZ, CA, FL, MA, MD, MI, MN, NC, NJ, NY, OR, PA, VA, WA
Sell a portion of your home's equity for cash without monthly payments or hurting your credit score.

Compare up to 4 providers

Santander reviews and complaints

This bank isn’t accredited with the Better Business Bureau (BBB), and as of August 2021, Santander doesn’t have a rating either — because it’s in the process of responding to several of the 309 complaints that were previously closed over the past three years. Santander has an average rating of 1.06 out of 5 stars from 64 customer reviews.

On Trustpilot, the bank has a 1.5-star TrustScore with 3,455 reviews. Some customers complain of bank errors and poor customer service while trying to fix account issues, while others praise specific service representatives and Santander’s fraud protections.

Our verdict

The Santander HELOC feels like a line of credit and a loan all in one — it allows you to convert your balance to a fixed rate and save money on interest before your rate adjusts too high. And with no minimum draw, you can take out only what you need. But if you live outside this bank’s relatively small service area or don’t want to set up an additional account with the bank, you’ll need to shop around for another lender.

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