When interest rates fall, you may want to refinance your mortgage. But can you explain what you hope to get out of refinancing?

"If you want to refinance, I say, 'Well, what do you want to do? What do you hope to accomplish by refinancing?'" says Carolyn Morganbesser, assistant vice president of mortgage originations for Affinity Federal Credit Union in New Jersey.

To get the refinance you want, you need to explain your goal in words that the lender understands. This is a guide to what to say, complete with sample sentences that you can use as you kick off a refinancing conversation with a loan officer or mortgage broker.

If and when you refinance, you'll have company. Let's say 30-year mortgage rates linger around 6.125% for a while. In that case, almost 5 million homeowners would

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