Finance
A Wyoming borrower who wishes to refinance their home loan to obtain a lower interest rate is engaged in:
AA purchase money mortgage
BA rate-and-term refinance✓ Correct
CA cash-out refinance
DAn assumable mortgage
Explanation
A rate-and-term refinance replaces the existing mortgage with a new loan at a different interest rate and/or different loan term, without taking additional cash out of the property's equity. A cash-out refinance would give the borrower proceeds beyond the loan payoff.
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