First of all we have to define the term of equity. Equity represents the difference between the value of a property (as defined by the market) and the claims held against it; for example, if a piece of property worth $800,000 has a mortgage on it for $300,000; the equity would be $800,000-$300,000, or $500,000.
So a, Home Equity loan, no matter if it is fixed or variable, is, in fact a second loan with the equity of the house used as collateral. This Home Equity Line Of Credit Loan was made to the unemployed people not to leave their houses, and take another loan if the mortgage was lower than the value of the market as defined is market. Their leaving will make them twice harm: first of all the values of their houses would constantly go down, so the equity would go down too. Secondly they need a house anyhow, so why let the one they have to the bank and not make another loan through the HAMP program.
The two types of Home equity Loan:
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A Fixed Rate Home Equity Loan and a Fixed Rate Home Equity Line Of Credit. The first one is a special crises times Loan. The fix rate would provide you a security; all you have to do is to be sure that you'll have the same amount of money every month. But for better times, times that are expected to come sometimes in the near future, the second loan is preferred. The rates will go down at certain points whilst the fixed rate would remain high.
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