Is it a good idea to REFI now?

[Nate S.]

My main goal is to get a Duplex or Tri-Plex. I inherited my moms house, I figured I would be paying more interest if I wait next year to REFI because it has $5k HAMP incentive. I owe $42k on it but I'm paying 2% atm and 3% until next November then it goes up to 4%. The house value if premium shape is $130k. Just doing some basic calculations on mortgage I would be paying $10k more in interest if I would be paying 5% vs 4.5% rate if I would lock in now? On a 30 year mortgage loan.  

http://www.interest.com/mortgage/calculators/mortg...

I financed some projects on my house like carpet, roof, AC/Furnace for 18 months with no interest to buy me some time until I REFI. I just want to REFI up to $80k. Use $20k to pay off projects I financed, estate cost and other $20k for a down payment for a rental. I plan to REFI using a VA home loan. This is my first house I'm dealing with on financing or using equity to invest in another rental property. So just want to make sure I'm doing this right.