Home Equity Loan or Mortgage Loan?

I'm buying a second home that will cost me 340K. I am putting down 50% in cash. So all I need to do is finance 170K. If I get a Mortgage., there is a big closing cost, if I get a Home Equity Loan, no closing cost, and low interest (variable) and thus lower monthly payment. The question is, if I default,... show more I'm buying a second home that will cost me 340K. I am putting down 50% in cash. So all I need to do is finance 170K. If I get a Mortgage., there is a big closing cost, if I get a Home Equity Loan, no closing cost, and low interest (variable) and thus lower monthly payment. The question is, if I default, with the Equity Loan, (from job loss etc), will the bank take away both the homes, as apposed to the Mortgage Loan, where they would only take away the second home
Update: So, which loan??
Update 2: Also, which one is bettre for tax write-off
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