Santander Home Equity Loans Review

Rating: 7.2 / 10 (Very good)
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Santander is a multinational banking group that was founded in Spain in 1857. Now with over 650 global branches, Santander Bank provides a range of financial services including home equity loans, mortgages and auto finance, personal loans, credit cards, as well as life insurance products. The bank features a free application and quotation process, and low variable APRs.

How is Santander rated?


Consumer Experience

Overall Rating: 7.2 / 10 (Very good)

Santander has an impressive banking history since its 1902 founding in Spain. Their foray into the U.S. market is more recent, and they are mostly concentrated in the Northeast, so their availability is quite limited. Their home equity lines of credit offer fairly standard terms and qualifying requirements, but their lack of resources and small geographical coverage are drawbacks.

Santander Loans

Lender Type
Loan Types Available
Home Equity Line of Credit
Minimum HELOC
Max HELOC Draw Period
20 years
HELOC Fixed Rates Starting At
HELOC Annual Fees
Waived Fees
Closing Fee
Application Fee

Loans - 6.8 / 10

Santander offers home equity line of credit, with no closing or application fees, to homeowners looking to take advantage of the equity they've accumulated in their home. They feature attractive options for people with high savings balances, but are less convenient for borrowers with shakier financial histories.

Santander Qualifications

Loan Qualifications
Property Appraisal
Proof of Employment
Primary Residence
Minimum Home Equity

Qualifications - 8 / 10

Santander's requirements for their home equity line of credit are standard: proof of employment, primary residence status, and a property appraisal. Other of their banking products, such as their bank accounts, offer low or no monthly fees, and zero monthly minimums.

Santander Customer Experience

Total Consumer Financial Protection Bureau Complaints
Site Features & Technology
Home Equity Calculator
Mobile App
Online Application

Consumer Experience - 6.7 / 10

Santander has basic tools on their website, including an online application, mobile app, and home equity calculator. However, it is missing important information, like interest rates and similar specific details. Common complaints include a confusing online banking service and unhelpful customer service representatives.

Santander Reputation

Memberships & Accreditations
Equal Opportunity Lender
Insured by Federal Housing Administration
Federal Home Loan Bank Member
Nationwide Mortgage Licensing System ID
Trust Pilot Rating
6.4 out of 10
BBB Rating
Number of BBB Positive Reviews
Number of BBB Neutral Reviews
Number of BBB Negative Reviews
Date Collected

Reputation - 7 / 10

Santander was founded more than century ago in Spain (1902), and is currently one of the largest bank groups in the world. Its availability in the U.S. is limited. Santander has good general ratings with Moody's, S&P, and Fitch, but negative long-term outlook.

Additional Details

Homepage URL
Company Phone
(877) 768-2265
Headquarters Address
P.O. Box 961245, Reading, PA, 19612
Mailing Address
P.O. Box 961245, Reading, PA, 19612
Year Founded

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Customer Comments & Reviews

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Ron M
Trenton, New Jersey
Why am I paying a "Satisfaction" fee 0f $53 to close my home equity load that I haven't used in over 30 years. Is this a scam or what? How can I be charged for something I haven't used?

Adam C
Milford, Massachusetts
Very friendly people, but their systems are so ancient it is painful. We completed a HELOC and then learned that through their online banking there is absolutely NO VISIBILITY into what you're spending. When you look at the HELOC account it shows you the balance - that is it. NO TRANSACTIONS. The statement you get in the mail doesn't show check images or any details whatsoever. You need to keep track of every expenditure with paper and pencil like in the stone age. Completely unacceptable for this day in age.

Michelle Z
Middleboro, Massachusetts
We decided to go with Santander for a HELOC for 3 reasons, my fiance was a long time customer, they were offering good rates and they advertised no in-home appraisal necessary as long there were available comps in the neighborhood and they could do a driveby. This last reason was very important to us as my fiance, a CBP officer was working a lot of overtime and I was going into Boston every 2 weeks for medical treatments so we needed this process to be as stress free as possible. We went to the local branch (people here were great) gave them all the info requested and were assured that, since there were at least 5 houses within 1-1 1/2 miles of our home that were sold in the last few... Read More

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