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The loan-to-value ratio (LTV) is best described as ____

A the ratio of the loan to the appraised value of the property.

The loan-to-value ratio (LTV) reflects the mortgage balance as a percentage of the mortgaged property’s fair market value (FMV). Lenders will loan against the sales price or the value of the property as determined by an appraisal, whichever is lower.

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