|
|
what-if
analysis
An affordability analysis that is based on a
what-if scenario. A what-if analysis is useful if you do
not have complete data or if you want to explore the
effect of various changes to your income,
liabilities, or available funds or to the qualifying
ratios or down payment expenses that are used in the
analysis.
what-if scenario
A change in the amounts that is used as the basis of an
affordability analysis. A what-if scenario can include
changes to monthly income, debts, or down payment funds
or to the qualifying ratios or down payment expenses that
are used in the analysis. You can use a what-if scenario
to explore different ways to improve your ability to
afford a house.
wraparound
mortgage
A mortgage that includes the remaining balance on an
existing first mortgage plus an additional amount
requested by the mortgagor. Full payments on both
mortgages are made to the wraparound mortgagee, who then
forwards the payments on the first mortgage to the first
mortgagee.
|
