The current average rate for a 30-year VA refinance loan is 5.98%, compared to the previous week's rate of 601%. If you already have a VA-backed mortgage loan and want to reduce your monthly mortgage payments or make your payments more stable, a refinance loan with reduced interest rates (IRRRL) may be right for you. Refinancing allows you to replace your current loan with a new one under different conditions. Find out if you meet the requirements and how to apply.
Even if you don't receive a cash refund, any VA refinance loan that isn't a simplified refinance is considered a VA cash out refinance. A simplified VA refinance loan, also known as an interest rate reduction refinance loan (IRRRRL), is a simplified refinancing program that can only be used to refinance an existing VA mortgage.
