LTV is short for "Loan to Value" ratio. LTV is the relationship between the amount of the mortgage loan and the appraised value of the property expressed as a percentage. A LTV ratio of 90 means that a borrower is borrowing 90% of the value of the property and paying 10% as a down payment. For purchases, the value of the property is assumed to be the purchase price, for refinances the value is determined by an assessment.

CLTV is short for "Combined Loan to Value" ratio. CLTV implies a first and a second mortgage "combined", and is the relationship between the combined amount of any mortgage loans and the appraised value of the property expressed as a percentage. A CLTV ratio of 90 means that a borrower may borrow 90% of the value of the property and must pay 10% as a down payment. For purchases, the value of the property is assumed to be the purchase price, for refinances the value is determined by an assessment.