Are a 3/1 hybrid loans any good?

I have a VA loan with an Interest rate of 6.0 fixed 388,500. A company is offering me a 3/1 hybrid 4.0 if i refinance at 403,000 with a 5.0 cap over the life of the loan. There are no out of pocket closing costs. I would be saving roughly $ 480.00 a month. It just sound to good to be true. Any feed back would help. Thank you.

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