|
|
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.
|
