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.
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.
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.