Home equity loan rate nj

Business Editors

BOSTON--(BUSINESS WIRE)--June 17, 2003

FleetBoston Financial announced today a new 5-10 Year Home Equity Refinance Loan for consumers with mortgage balances of $300,000 or less ($50,000 minimum) who want to take advantage of today's historically low rates and potentially shorten the term of their loans at the same time.

This fixed-rate loan has no application fees, no closing costs, requires no PMI (Private Mortgage Insurance), and features rates competitive with first mortgage products.

"Given today's declining rates, this product provides an excellent opportunity to refinance an existing first mortgage or to consolidate other secured real estate or other outstanding debt," said Margaret Lawlor, Director of Consumer Loan Products at Fleet. "For consumers who want a shorter term on their mortgage at today's great rates, this is the right product at the right time."

Available in the nine states where Fleet has branch locations (CT, FL, MA, ME, NH, NJ, NY, PA and RI), the 5-10 year term of this product benefits customers who can now choose to shorten the term of their mortgage as a result of a lower rate, thereby substantially reducing their overall mortgage costs. It also benefits consumers who may have refinanced more recently, but who want to take advantage of the current lower rate environment without extending the term of their mortgage.

A special .25% discount is also available for customers who have monthly payments automatically deducted from a Fleet account.

A new home equity monthly payment calculator available at www.fleet.com can help consumers calculate their payments under varying principal, rate, and term scenarios.

Maximum loan-to-value financing varies:

-- 1-4 family primary residence up to 80.99%

-- condominium up to 70.99%

-- second/vacation home up to 65.99%

This refinancing option is not available for the purchase of a home.

For details, consumers can visit any Fleet branch, log on to www.fleet.com, or call 1-800-CALL FLEET.

FleetBoston Financial is the seventh-largest financial holding company in the United States, with assets of $200 billion. The company's principal businesses, Personal Financial Services and Commercial Financial Services, offer a comprehensive array of innovative financial solutions to 20 million customers. Through its Personal Financial Services franchise, Fleet offers retail banking, wealth management and investment services, nationwide brokerage, credit card and consumer lending services. These services are available through approximately 1,500 branches and more than 3,400 ATMs in the Northeast; through Fleet HomeLink(SM) online banking, one of the nation's leading online banking platforms; and through telephone banking. Fleet is the leading small business services and commercial banking provider in the Northeast. Fleet's Commercial Financial Services Division provides commercial lending, syndications, capital raising and advisory, leasing, cash management, asset-based finance, foreign exchange and interest rate derivatives to clients. FleetBoston Financial is headquartered in Boston and listed on the New York Stock Exchange (NYSE: FBF) and the Boston Stock Exchange (BSE: FBF).