Finance
In New Mexico, a 'cash-out refinance' allows a homeowner to:
ASell their home for cash
BRefinance their mortgage for more than the current loan balance, receiving the difference in cash✓ Correct
CPay off their mortgage early without penalty
DTransfer their mortgage to another property
Explanation
A cash-out refinance replaces the existing mortgage with a larger loan. The homeowner receives the difference between the new loan amount and the payoff of the old loan in cash, which can be used for any purpose.
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