The Burren. The Burren is an amazing place. It is a karst limestone region of approximately 300 sq km which lies in the North West corner of Co Clare, in Ireland. It is composed of limestone pavements, which are eroded in a distinctive pattern known as karren.
Home equity is the amount of money you have already paid against the value of your home. A simple formula for determining your home equity is to subtract the amount of the mortgage balance from the current fair market value of your home. In other words, your equity increases as your mortgage balance decreases.
With a home equity loan or line of credit, you pledge your home as collateral. You can lose the home and be forced to move out if you don't repay the debt. Equity is the difference between how much the home is worth and how much you owe on the mortgage (or mortgages, if you have a home equity loan or line of credit).