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

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

explanation

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.