The term "combined loan to value ratio" refers to the total balance of mortgages on a property divided by the property's value. It is used by lenders as a short-hand description for determining the risk of borrowers having multiple loans on the same property. As an example, if a home has a first mortgage of $100,000 and a second mortgage of $60,000, and the home is worth $200,000, then the combined loan to value ratio is $160,000/$200,000, or 80%.