Finance
A West Virginia property owner who refinances their mortgage to obtain a lower interest rate is engaging in:
AA purchase-money mortgage
BA rate-and-term refinance✓ Correct
CCash-out refinancing
DA bridge loan
Explanation
A rate-and-term refinance replaces an existing mortgage with a new one at a different (usually lower) interest rate and/or different loan term, without significantly changing the loan balance. The goal is to reduce monthly payments or total interest cost.
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