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Last updatedOctober 2021

Best VA Refinance Rates 2021

Compare today's IRRRL rates

If you or your spouse have served in the military, you can qualify for special VA refinance rates. Compare today's IRRRL VA rates and choose.

Which VA lender is right for you?

Loan Purpose
Credit Score
  • Excellent (720-850)
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  • Fair (630-689)
  • Poor (350-629)
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  • Up to $100K
  • $100K-$250K
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  • $400K and up
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Editorial Reviews

AmeriSave Mortgage

AmeriSave Mortgage

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Quicken Loans

Quicken Loans

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New American Funding

New American Funding

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LoanDepot

LoanDepot

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Refinancing your Mortgage?These are the top 3 choices:
Most Popular on This Website
AmeriSave Mortgage
AmeriSave Mortgage
Get a customized rate quote in 3 minutes
30-Year fixed APR: 2.876% NMLS #1168. Rates Effective 10/22/2021. See site for details.
  • No SSN needed for pre-qualification
  • Pre-qualify without a hard credit pull
  • Low refinance rates
  • Find a quote easily
Quicken Loans
Quicken Loans
America's largest online mortgage lender
  • Get a Verified Approval Letter (VAL)
  • Flexible payment available
  • Borrow up to $2 million
  • Wide range of loan options
Better
Better
Top-rated lender with no fees or commissions
  • Secure, no-hassle applications
  • 100% online, with phone support available
  • Average customer saves $3,557
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Current Mortgage Refinance Rates for October 2021

Mortgage Type

Today's Average Rate

3 Months Ago

Refinance - 30-year fixed
3.085%
3.334%
Refinance - 15-year fixed
2.438%
2.686%
Purchase - 30-year fixed 
2.871%3.113%
Purchase - 15-year fixed2.327%2.471%

What is a VA IRRRL Loan?

An Interest Rate Reduction Refinance Loan (or IRRRL) is a way for VA Mortgage lenders to lower their monthly home loan payments by getting a lower interest rate. Think of it as a mortgage refinance for military families. These are sometimes also referred to as “Streamline Refinancing Loans”.

While the VA does not require an appraisal or credit underwriting, some lenders may ask for a credit report. However, a certificate of eligibility is not required.

Qualifying for IRRRL Interest Rates

In order to qualify for an IRRRL, you must already have a VA-backed mortgage loan - you cannot refinance a regular home loan with IRRRL. You must also be able to provide proof that you are either currently living, or have previously lived in the VA-funded house that you wish to refinance. 

In order to obtain a VA loan, borrowers must present a VA certificate of eligibility (COE).

What is a VA loan?

VA home loans help active service members, veterans of the armed forces, and eligible family members, including surviving spouses, become homeowners. The VA (the Department of Veterans Affairs) does not offer mortgages directly but rather guarantees the loans are issued through private lenders. 

How do I know if I qualify for VA refinance rates?

VA loans are available to current service members and, in some cases, their spouses:

  • Those currently serving in the military or veterans who were honorably discharged.
  • This service must include at least 90 consecutive days of active service during wartime or at least 181 consecutive days of active service during peacetime. 
  • Those having more than six years of National Guard or reservist service.
  • The surviving spouse of a service member killed in the line of active duty might also be eligible. 

To obtain a VA loan, borrowers must present a VA certificate of eligibility (COE).

The Mortgage Industry and VA Mortgage Refinance Rates in 2021

The COVID-19 pandemic has impacted the home buying process in 2020 in several ways. 

  • Interest rates are low, making the cost of borrowing for those who qualify for the best rates more affordable. This is partly due to the Federal Reserve’s actions to keep rates low and stimulate the economy.
  • Many home sellers have taken their homes off the market for a variety of reasons. This, combined with slow growth in new homes, served to reduce the supply of available homes in some hot areas. 
  • Even though interest rates are low, qualifying for a mortgage is more stringent for many borrowers due to the fact that several lenders have implemented more stringent borrower requirements as a reaction to the economic slowdown in the wake of the pandemic. 

How to choose the right VA lender with low rates?

Private lenders offer VA loans with the backing of a VA guarantee. That said, all lenders are not the same; some may be better than others for your situation. You will need to do your homework to find the best VA lender for your situation.

Different lenders may be best for borrowers with different situations or offer some specific benefits. Some lenders may be better for borrowers in certain conditions or offer a better experience for some borrowers. This might include:

  • Veterans who might not qualify for a conventional loan due to blemished credit histories or other factors.
  • Borrowers who prefer to do everything online. It’s vital to assess the level of customer service offered by the lender how the process works.

As with any type of loan, you will want to know:

  • Since there is no down payment required with a VA loan, will the lender finance the loan amount you are looking for based on your overall borrower profile?
  • The overall loan APR including any loan fees by the lender. These fees will vary based upon factors such as whether you make a down payment and the nature of your service in the military.
  • Technically there is no minimum credit score for a VA loan, but lenders may charge a higher rate for borrowers with poor credit scores, generally below 620. This will vary by lender, and you will want to understand how each lender you are considering handles this.
  • The loan terms. A shorter-term loan will result in less interest paid over the loan’s life but will also result in higher monthly payments. You will want to see what best fits your budget and your overall situation. 

Overall, are VA loans a focus and priority of the lender? Do they seem to welcome borrowers looking for VA loans? 

VA Loan FAQs

What are the Closing Costs on IRRRLs?

Generally, yes. Closing costs and fees vary by lender, but some closing costs can be financed. Ask your lender for more details.

Can you refinance a 15 to a 30-year mortgage loan with IRRRL?

This is possible, but you should note that this will result in higher monthly payments, and you should make sure you can afford these moving forward.

What does it cost?

While VA loans don’t require private mortgage insurance, if you put less than 20% down, you will need to pay a VA funding fee. This fee is a percentage of the amount borrowed and will vary based upon:

  • The amount of your down payment, if any.
  • Whether this is your first time obtaining a VA loan or if this is a subsequent application.

Additionally, your lender might charge for things like a credit check, VA appraisal fees, and any discount points you decide to pay on the mortgage, insurance, and other closing costs. This will vary by lender in some cases these costs can be rolled into the loan.

What do I need?

To apply for a VA loan, you will need to apply for a certificate of eligibility. There may be forms to complete, and active veterans will need a statement of service. Requirements may vary a bit for surviving spouses, National Guard, or Reservists. 

You will also need to prove that you will be living in the home you are trying to finance through a VA loan. These loans cannot be used to finance investment property.

Does my credit score matter?

The VA does not have a minimum credit score requirement. However, the private lenders through whom the loan will be made might have their own minimums. Borrowers with a credit score lower than 620 will want to look for a lender who will still make the loan and from whom that can still get a decent interest with a lower credit score. 

Can I use a co-signer?

If the active military or veteran is legally married, then their spouse can co-sign the loan. Two unmarried military members can also co-sign together with no adverse ramifications. A military member can also bring an unrelated non-military co-signer with one caveat. The VA guarantee on the loan is limited to the amount of the military member or veteran’s interest in the property. Note that not all lenders will allow this type of arrangement at all. 

Can I use a VA loan to finance investment property?

The rules prohibit the use of a VA loan to finance the purchase of an investment property. You also may not use a VA loan to finance a vacation home. 

Can I still qualify if I am active in the armed forces?

Borrowers who are still active military members, active in the National Guard, or active reservists can still qualify for a VA loan. 

A VA loan can be a good alternative for those who qualify. Eligible borrowers should consider going this route, especially if their financial profile is less than stellar.