Lake Area Bank

MORTGAGE GLOSSARY

\| 2 \| A \| C \| D \| E \| F \| H \| I \| L \| M \| N \| O \| P \| R \| S \| T \| U \|
servicing	administering a loan after closing, such as maintaining loan records and sending statements
shared equity	an itemized loan cost based on a percent of a home's value at loan maturity; for example, a 5% shared equity fee on a home worth $200,000 at maturity would be $10,000
Supplemental Security Income (SSI)	a federal monthly income program for low-income persons who are aged 65+, blind, or disabled

LAKE AREA MORTGAGE 1030 West County Road E, Suite 150 Shoreview, MN 55126
Phone: 651-209-2900 Toll free: 1-866-321-1516 Fax: 651-209-2929

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