Finance
In Montana, a 'cash-out refinance' allows a homeowner to:
ASell the property and receive cash at closing
BRefinance their existing mortgage for a higher amount and receive the difference in cash at closing✓ Correct
CRefinance only the cash portion of their original down payment
DPay off the mortgage with cash without refinancing
Explanation
A cash-out refinance replaces the existing mortgage with a new, larger loan. The homeowner receives the difference between the new loan amount and the old loan balance (after closing costs) as cash, using their home equity.
Related Montana Finance Questions
- A Montana buyer who uses seller financing structured as a contract for deed (land contract) should be aware that:
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