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For Immediate Release
March 20, 2004

Contact:
Brian Arsenault, Sr. V.P., Communications
(207) 761-8517
E-mail: beryl@wolfenews.com

Beryl Wolfe
(207) 883-6083

Web Site: http://www.tdbank.com/

Drop in Interest Rates Good News for First Time Homebuyers, Mainers Refinancing

Banknorth Mortgage's Bill Zafirson offers reasons why rates are low and may stay low

The large drop in interest rates in recent weeks means that more Mainers can afford to either buy for the first time or refinance, according to Bill Zafirson, a senior vice president and the Maine sales manager of Banknorth Mortgage.

"We are currently priced at or below our lowest point from last year's fever-pitched boom," he said. "This not only helps people who want to refinance but also opens up the housing market to many people who have not purchased a home before as low rates increase the affordability of homes."

Zafirson, who works out of the Falmouth office of Banknorth Mortgage and oversees a staff of more than 21 mortgage loan officers throughout Maine, said a number of factors contribute to the low rates.

A weak job growth is one. "The recent job report for the U.S. shows a disappointing 21,000 growth but the previous month's figures were revised downward, indicating that we are in a jobless recovery," he said. "Trade imbalance is also contributing to slow job growth. Rates typically stay low during a presidential election year."

According to some industry figures, as many as 50% of the fixed-rate mortgages would benefit from a rate/term refinance at this point, he said. Fixed rate loans are loans that have a set rate throughout the term of the loan, unlike adjustable rates that fluctuate.

"These new rates clearly benefit fixed-rate borrowers who refinance," he said. "But low rates help everyone - customers who might want to opt out of an adjustable rate loan, or who would like to consolidate bills, take cash out for a second home and/or for large item expenses," Zafirson said. "Add to that the folks who were unable to take advantage of the lower rates in the past and you have an increase in people deciding that now is the right time to buy or refinance."

Zafirson, a resident of Saco, joined Banknorth in 1998.

Banknorth Mortgage offices are located in York, Kennebunk, Biddeford, Portland, Falmouth, Brunswick, Sebago, Lewiston,Scarborough,Waterville and Bangor. These offices can be reached at 1-800-272-5559. For customers using the internet, Banknorth Mortgage can be located at www.banknorthmortgage.com. At that site, a customer can locate a loan officer, apply on-line or use one of the many financial calculators available.

Banknorth's banking division is the parent company of Peoples Heritage Bank, which has more than 60 branches statewide.

Banknorth Group (NYSE: BNK) is one of the country's 35 largest commercial banking companies with $26 billion in assets. Banknorth, N.A., a Banknorth Group subsidiary, is the parent company of Peoples Heritage Bank, with the leading market share in Maine, and other banking divisions in New Hampshire, Massachusetts, Connecticut, Vermont and upstate New York. The company and its banking affiliates also operate subsidiaries in insurance (Banknorth Insurance Group), a money management firm (Banknorth Investment Management Group), and a leasing company (Banknorth Leasing). Banknorth, N.A. also offers investment planning services through Bancnorth Investment Planning Group in association with PrimeVest Financial Services, Inc. In addition to mortgage banking, other subsidiaries and divisions provide services in asset-based lending, private banking, merchant services and other financial services. For more information about Banknorth, visit the company online at www.banknorth.com.

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