I am trying to be talked into refinancing my existing fixed @ 5.5 to a “VA Hybrid” 3/1 @ 3.5 with a 1% cap yea?

I am trying to be talked into refinancing my existing fixed @ 5.5 to a “VA Hybrid” 3/1 @ 3.5 with a 1% cap yearly and 5% over the life time base on the constant maturity treasury 1 yr which is currently @ 0.3%, so if my loan changed today it would go down. I have paid 5 yrs on my 30 yr already. I am also being charged 1% origination, 2% for the points, and 1% for something else (lawyers I believe). Any advise?
I am trying to be talked into refinancing my existing fixed @ 5.5 to a “VA Hybrid” 3/1 @ 3.5 with a 1% cap yearly and 5% over the life time base on the constant maturity treasury 1 yr which is currently @ 0.3%, so if my loan changed today it would go down. I have paid 5 yrs on my 30 yr already. I am also being charged 1% origination, 2% for the points, and 1% for something else (lawyers I believe). Any advise?

Current loan @ $ 160,945, payment is $ 991 with just over 25 yrs left – Refi is $ 169,607 @ 3.5%

Register New Account
Reset Password