Finance
A Washington homeowner has a $400,000 home with a $240,000 first mortgage. They take out a home equity line of credit (HELOC) for $80,000. What is the combined LTV (CLTV)?
A60%
B80%✓ Correct
C75%
D90%
Explanation
Combined loan balance = $240,000 + $80,000 = $320,000. CLTV = $320,000 ÷ $400,000 = 80%.
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