I am currently in the process of refinancing. My current mortgage is a VA Loan, so I am doing a VA Streamline Refinance (IRRRL). The rate for my current mortgage is 6.5% and my new rate is locked at 4.75%. My lender expects to be able to close sometime this week, but my question is since this is a refi shouldn't I wait until the first of the month? Thanks, Cristy

No you should close now.  You will have no payment due on July 1 for either loan.  Your 1st payment will be due on your new loan on August 1st.  Once you sign your closing documents there will be a 3 day right of rescission after signing.  So if you sign Thursday your loan won't fund until the 30th.   There is no advantage in waiting.