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.
