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.
