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.
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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.
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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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