Most homeowners who refinance their home mortgages do not borrow additional funds when they take on the new, lower-rate mortgage.

Question

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Most homeowners who refinance their home mortgages often do so not only to take advantage of lower interest rates but also to access equity in their homes, which means they frequently borrow additional funds beyond the original loan balance.

Most Homeowners Who Refinance Their Home Mortgages Do Not Borrow