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Santander bank is no longer accepting new applications for home equity lines of credit (HELOCs). The lender has decided to stop originating both mortgages and HELOCs in the residential market, and has stopped accepting applications as of February 11, 2022.
If your application was submitted before that date, it will be processed. And you shouldn’t see a change in how it services your existing HELOC. Both the interest rate guidelines and the draw and repayment terms of your credit line will stay the same.
none listed
Minimum credit score
Only available in: CT, DC, DE, FL, MA, MD, ME, NH, NJ, NY, PA, RI, VT
State availability
Loan products offered | HELOC |
---|---|
Minimum credit score | none listed |
APR range | 2.24% to 18% |
Repayment terms | 10-year draw and 20-year repayment |
Loan limits | $10,000 to $750,000 |
State availability | Only available in: CT, DC, DE, FL, MA, MD, ME, NH, NJ, NY, PA, RI, VT |
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.
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:
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:
Use the following steps to apply for your line of credit:
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.
Santander also offers the following mortgage loans:
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.
Use our tool to get personalized estimated rates from top lenders based on your location and financial details. Select whether you’re looking for a Home Equity Loan, HELOC or Cash-Out Refinance.
If you selected a home equity loan or HELOC, enter your ZIP code, credit score and information about your current home to see your personalized rates.
In the Cash-Out Refinance tab, select Refinance and enter your ZIP code, credit score and other property details to see what you might qualify for.
This bank isn’t accredited by the Better Business Bureau (BBB), and as of July 2022, it has earned a B rating for responding to 2,311 complaints in the last three years. Santander has an average rating of 1.1 out of 5 stars from 289 customer reviews.
On Trustpilot, the bank has a 1.3-star TrustScore with 4,732 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.
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.
Santander is not currently available on Finder
Have you considered Rocket Mortgage?
Apply online for free and lock in your rate for 90 days.