Jackson is buying a home for $412,000. his interest rate on the loan will be 4.75or 15 years. he will have a down payment of $16,480. what is the ltv on the loan?

Question

asked Apr 11, 2023 231k views

1 Answer

Gojomo · Answer 1 · 2023-04-18T12:26:34+0000

Answer:

96%

Step-by-step explanation:

Value of the home: $412,000-Down Payment $16,480 = $395,520

Formula for LTV(Loan to Value Ratio): Loan Amount / Appraised Property Value

LTV: $395,520/$412,000 = 0.96 or 96%