| Dow Mortgage Co. Product/Service Information |
| Reverse Mortgages |
A Reverse Mortgage allows homeowners 62 and older to
convert the equity in their homes to cash. It is a safe
government program which results in tax-free income. The
amount received is based on age, the value of the home
and the interest rates at the time of closing. The borrower
retains full ownership of the home and will never owe more
than the value of the home. When the home is sold or
vacated for any other reason, the accrued interest plus
what the lender has paid is due and payable, usually from
the proceeds from the sale of the home. Any proceeds in
excess of the amount owed the lender belong to the
borrower or the borrower's estate.
CLICK HERE FOR MORE INFORMATION
Click here to contact Tim Felker, Reverse Mortgage Specialist
convert the equity in their homes to cash. It is a safe
government program which results in tax-free income. The
amount received is based on age, the value of the home
and the interest rates at the time of closing. The borrower
retains full ownership of the home and will never owe more
than the value of the home. When the home is sold or
vacated for any other reason, the accrued interest plus
what the lender has paid is due and payable, usually from
the proceeds from the sale of the home. Any proceeds in
excess of the amount owed the lender belong to the
borrower or the borrower's estate.
CLICK HERE FOR MORE INFORMATION
Click here to contact Tim Felker, Reverse Mortgage Specialist
| Conventional Loans |
Conventional loans are designed for customers with good,
established credit histories. These loans are not insured
or guaranteed by any agency of the state or federal
government. They are underwritten by banks, Savings
and Loan institutions or other mortgage companies.
30-, 20-, 15- and 10-year fixed loans: These loans have
set interest rates for the entire term of the loan.
Balloon Products: These offer lower interest rates for
shorter-term financing. At the end of the term, the borrower must
refinance or pay off the balance.
Adjustable Rate Mortgage (ARM): This is a mortgage tied
to an index that adjusts based on changes in the economy and may
have a payment or rate cap.
established credit histories. These loans are not insured
or guaranteed by any agency of the state or federal
government. They are underwritten by banks, Savings
and Loan institutions or other mortgage companies.
30-, 20-, 15- and 10-year fixed loans: These loans have
set interest rates for the entire term of the loan.
Balloon Products: These offer lower interest rates for
shorter-term financing. At the end of the term, the borrower must
refinance or pay off the balance.
Adjustable Rate Mortgage (ARM): This is a mortgage tied
to an index that adjusts based on changes in the economy and may
have a payment or rate cap.
| FHA Loans |
FHA Loans are U.S. Government-backed loans that
feature low down payments, more flexible guidelines and
are open to all income levels. FHA allows you to put down
as little as 3% of the selling price. FHA underwriting
guidelines are more liberal than those for most
conventional loans.
feature low down payments, more flexible guidelines and
are open to all income levels. FHA allows you to put down
as little as 3% of the selling price. FHA underwriting
guidelines are more liberal than those for most
conventional loans.
| VA Loans |
VA Loans are long-term, low or no down payment loans
that are guaranteed by the Department of Veterans Affairs.
100% VA Loans: Provide veterans zero down payment on
home loan mortgages up to $240,000 for buying a home
or refinancing.
VA Jumbo Loans with Down Payment: Provides
veterans a home loan up to $300,700.
Click here to contact Tim Felker, VA Loan Specialist
that are guaranteed by the Department of Veterans Affairs.
100% VA Loans: Provide veterans zero down payment on
home loan mortgages up to $240,000 for buying a home
or refinancing.
VA Jumbo Loans with Down Payment: Provides
veterans a home loan up to $300,700.
Click here to contact Tim Felker, VA Loan Specialist
| 100% Mortgages |
100% Mortgages remove the down payment barrier.
Lenders advance the full value of the property to the
borrower.
Lenders advance the full value of the property to the
borrower.
| Dow Mortgage Co. 815-730-9400 1600 Plainfield Road Joliet, IL 60435 e-mail: dowmortgage@dowcompanies.com |
Equal Housing Lender
Illinois Residential Mortgage Licensee
| License # 5061 Illinois Department of Financial and Professional Regulation 310 S. Michigan Ave., Suite 2130 Chicago, IL 60604 312-793-3000 |
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