Current VA refinance rates The current average rate for a 30-year VA refinance loan is 5.98%, compared to the previous week's rate of 6.01%. VA IRRRL do not allow cash to be extracted from refinancing, except for a limited amount to improve energy efficiency. To qualify for an IRRRL VA refinance, you must be able to prove that you currently live or have ever lived in that home. Conventional loans and refinances tend to have higher interest rates and higher fees than VA options, which is why VA refinancing can be particularly attractive.
Like VA loans, VA refinance loans are backed by the U.S. Department of Veterans Affairs, making them especially safe loans in the eyes of the private lenders who issue them. A cash out refinance allows you to withdraw a lump sum of cash from the equity you have accumulated in your home and works a little differently than a standard term and term refinance (which is basically the VA's IRRRL option). When you refinance with cash out of the VA from one VA loan to another, there is a minimum period between the closing of the loan.
However, if you have a conventional mortgage or other type of mortgage loan, you can't refinance with a VA IRRRL.
