Here's a simple and perfectly legal "nothing-down" transaction: You buy a home with an 80% loan-to-value mortgage and pay the remaining 20% with money pulled out of your existing home with a home equity line of credit.

For many buyers, this can prove to be a gold mine of a transaction" Why? First, those who haven't sold their existing home yet but wish to buy their next home now (and, perhaps, need to move as soon as possible) can complete the transaction. If the existing home fails to sell, it can be rented to help cover the expense of the existing mortgage and the home equity line of credit.

Second, by taking out an 80% first mortgage, the buyers generally get the best available mortgage and interest rate, and rarely face the expense of a mortgage insurance payment. This is a significant money-saver, and it gives you a loan you can live with more happily for as long as you live in your new home.

When your existing home sells, the sale transaction will include paying off the home equity line of credit, of course, and you'll reap your third benefit: You haven't had to use what used to be called "bridge financing," a far more expensive maneuver than taking out a line of credit. For help call Beth at 450-5208.