What is a VA 5/1 Hybrid Arm Rate loan?
I am in the Navy and bought a house in 2007. I then refinanced to 5.5% a year later. I received a letter in the mail informing me that a 3.875% 30-year VA 5/1 hybrid arm rate loan is available to me.
It also states that this is available to me under the Veteran Benefits Improvement Act of 2008.
What is this a hybrid arm rate loan? Is this a trap?