Finance
A cash-out refinance in Utah allows a homeowner to:
APay off their existing mortgage with cash
BRefinance for more than their existing loan balance and receive the difference in cash✓ Correct
CConvert their mortgage to a cash payment plan
DRemove PMI by paying cash at closing
Explanation
A cash-out refinance replaces the existing mortgage with a new, larger loan and gives the borrower the difference in cash. This allows homeowners to access their equity for home improvements, debt consolidation, or other needs.
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