Equity - A homeowner's financial interest in a property. Equity is the difference between the fair market or appraised value of the property and the amount still owed on its mortgage and other liens.
e.g. Fair Market Value $ 500,000 - Loan Balance $415,000= $85,000 equity
Loan-To-Value (LTV) - The percentage relationship between the amount of the loan and the appraised value.
e.g. Loan Amount $ 415,000 vs. Appraised Value $ 500,000
$ 415,000 / $ 500,000 = 83% LTV