Finance
A North Dakota borrower who takes a 'cash-out refinance' is:
APaying off their mortgage with cash
BRefinancing for more than the existing loan balance and receiving the difference in cash✓ Correct
CSelling the property for all-cash
DRefinancing to a lower interest rate without changing the balance
Explanation
A cash-out refinance replaces the existing mortgage with a new, larger loan. The borrower receives the difference between the new loan amount and the payoff of the existing loan as cash, which can be used for home improvements, debt consolidation, or other purposes.
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