Fleet Offers 5-10-Year Home Equity Refi Loan

FleetBoston Financial, Boston, has announced a new five- to 10-year home equity refinance loan for consumers with mortgage balances of $300,000 or less.The fixed-rate loan has no application fees, no closing costs, requires no private mortgage insurance, and features rates competitive with those of first-mortgage products, Fleet said. The product is available in the nine states where Fleet has branch locations: Connecticut, Florida, Massachusetts, Maine, New Hampshire, New Jersey, New York, Pennsylvania, and Rhode Island. "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." The company can be found online at http://www.fleet.com.