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.
|
