Finance
A Kentucky borrower refinances their home to take out equity for renovations. This type of refinancing is called:
ARate and term refinance
BCash-out refinance✓ Correct
CStreamline refinance
DBridge loan
Explanation
A cash-out refinance replaces the existing mortgage with a larger loan, allowing the borrower to receive the difference in cash, which they can use for renovations or other purposes.
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