Finance
In Michigan, 'cash-out refinancing' allows a homeowner to:
ASell their home and receive cash at closing
BRefinance their mortgage for more than the current balance and receive the difference as cash✓ Correct
CReceive cash back at closing equal to their down payment
DCash out their escrow account balance
Explanation
Cash-out refinancing replaces an existing mortgage with a larger loan, allowing the homeowner to receive the difference between the new and old loan amounts as cash at closing, typically used for home improvements or debt consolidation.
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