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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. |
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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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