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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.
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