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Warranty Deed
A deed used to convey
real property that contains warranties of
title and quiet possession.
The grantor agrees to defend the property
against lawful claims of third parties.
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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