Get the free Combined Loan to Value of 85% (1)

RATES EFFECTIVE: June 24, 2015Home Equity Loan Combined Loan to Value of 85% (1) First Lien Only on Primary or Secondary Residence : Term Rate APR×3) Payment Example (2× 60 months 3.99× 4.02% $18.41

How to fill out combined loan to value

How to fill out combined loan to value:

1. Gather all the necessary information: Before filling out the combined loan to value (CLTV) form, gather all the relevant documents such as the property appraisal, loan balance information, and any other supporting documentation required by your lender.
2. Calculate the loan balances: Determine the outstanding balances of all the loans associated with the property. This includes the first mortgage, second mortgage, home equity line of credit (HELOC), or any other liens on the property.
3. Determine the appraised value: Find out the current market value of the property. This can be done by obtaining a professional property appraisal or researching recent sales of similar properties in the area.
4. Calculate the combined loan to value ratio: Divide the total loan balances by the appraised value of the property. Multiply the result by 100 to get the CLTV ratio as a percentage. For example, if the total loan balances are $200,000 and the appraised value is $300,000, the CLTV would be (200,000 / 300,000) * 100 = 66.67%.
5. Fill out the CLTV form: Once you have calculated the CLTV ratio, fill out the required fields on the CLTV form provided by your lender. This may include providing information such as your name, property address, loan balances, appraised value, and the calculated CLTV ratio.
6. Review and submit the form: Carefully review all the information filled out on the form to ensure accuracy. Make any necessary corrections before submitting the form to your lender. Double-check that all supporting documentation is attached as required.

Who needs combined loan to value:

1. Homeowners with multiple mortgages: If you have multiple loans on your property, such as a first mortgage and a second mortgage or a HELOC, you may need to calculate the CLTV to determine your overall loan-to-value risk.
2. People considering refinancing: If you are thinking about refinancing your mortgage or consolidating debts using your property as collateral, understanding the CLTV can help you determine your eligibility and the potential loan terms.
3. Lenders and financial institutions: Lenders and financial institutions use the CLTV ratio to assess the risk associated with providing loans secured by real estate. They need to calculate the CLTV to evaluate the loan applicant's ability to handle the debt and the overall riskiness of the loan.

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What is combined loan to value?

Combined Loan to Value (CLTV) is a ratio that compares the total amount of loans secured by a property to the property's appraised value or selling price.

Who is required to file combined loan to value?

Lenders and financial institutions are required to calculate and report combined loan to value when evaluating a property for a loan.

How to fill out combined loan to value?

To calculate CLTV, you need to add up all the loans secured by the property and divide it by the property's appraised value or selling price.

What is the purpose of combined loan to value?

The purpose of CLTV is to assess the risk associated with providing a loan by analyzing the amount of debt secured by a property in relation to its value.

What information must be reported on combined loan to value?

The total amount of loans secured by the property and the property's appraised value or selling price must be reported on CLTV.