Someone asked me recently about their mortgage and I was stumped. After looking into it I couldn't locate any information on it so hopefully there's someone with experience or knowledge who can help.
When refinancing with a bank and drawing out more funds what happens if the additional funds aren't actually spent?
As an eg. if the banks told money is needed to buy a car (not sure if this is valid to begin with) on top of the refinancing and they approve the refinancing with the additional amount borrowed for the car.
Would they care, take the money back etc?