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Exchanging properties is also an alternative way for investors or second home owners to move assets to different locations, thereby spreading and reducing the risk.

Contrary to a common belief, home swappers don't need to own the property free and clear. But if there is a mortgage and little or no equity, seller will have to qualify for a new mortgage as a buyer for the property he/she is swapping for. Please read more on this below.

The concept works as follows:
"I'll buy your house, but only if you buy mine".

It can also be viewed as two separate transactions taking place at the same time where party A buys a house from party B, while party B buys the house from party A. The exchange takes place on the same date via a simultaneous closing. Both parties pay off any existing loans and obtain new financing on the home they are buying.

Equity is the value of a property after deduction of loans against it.

Zero down payment loans from banks are vanishing as quickly as they appeared, so the only alternative way to obtain a no-down payment loan is by creating a second mortgage or by tapping into equity of another property. In conclusion, even property owners with no equity can swap as long as they are able to qualify for a new mortgage.

When swapping existing mortgages will be paid off at closing. Since property swap involves party A buying a property from party B party A's mortgage will be paid off from party B's proceeds, while party B's mortgage will be paid off from party A's proceeds. Because most transactions are financed actual funds are coming from the mortgage companies, plus equity that either party had, if any.