If you are a person with poor credit you still have options when it comes to securing an equity loan. There are low interest rate loans available, for the option of refinancing, taking out an equity line or second mortgage and rebuilding your credit. Even though credit scores below 630 are more of a risk to banks, many lenders offer different programs such as 2/28 variables, 3/27 variables, and if you need a really low payment plan the two-step hybrid loan, an interest only program, or option arm. Standard variable rate programs are often fixed for 2 or 3 years out of a 30-year period. These payments are often less than a standard 30-year fixed rate. However, after the fixed rate is over, the interest rate is set to the Bank of England