CLTV (Combined Loan to Value)

Is a mathematical calculation which expresses the amount of a first mortgage lien plus the second mortgage lien as a percentage of the total appraised value of real property. For instance, if a borrower owes the First lender $80,000 and the second lender $50,000 and the house is worth $150,000, the CLTV ratio is $130,000/$150,000 or 87%.