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Loan-to-Value Ratio (LTV)

The ratio of a property's loan amount to its appraised value or purchase price.

Definition

Loan-to-value ratio is one of the most important metrics in real estate financing. Lenders use LTV to assess risk — a higher LTV means the borrower has less skin in the game and the lender has less equity cushion if values decline. LTV directly affects loan approval, interest rates, and whether private mortgage insurance is required.

Formula

LTV = (Loan Amount ÷ Property Value) × 100

LTV equals the loan balance divided by the property's appraised value, expressed as a percentage.

Example

You buy a $400,000 property with a $320,000 mortgage. Your LTV is ($320,000 ÷ $400,000) × 100 = 80%. This means the bank holds 80% of the property value in debt, while you have 20% in equity.

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