A property is valued at $500,000. The first mortgage is $350,000 and there is a HELOC with a balance of $50,000. What is the CLTV?

Correct answer: 80%

CLTV = (All Liens) / Property Value = ($350,000 + $50,000) / $500,000 = $400,000 / $500,000 = 80%. CLTV includes ALL mortgage liens against the property, not just the first mortgage. The LTV on the first mortgage alone would be 70%.