Hybrid ARMs with a fixed rate for five or more years can adjust by two percentage points after that period, and can increase up to six percentage points over the length of the loan. Need a VA.
Rates on the 30-year mortgage. McLean, Va.-based Freddie Mac said Thursday. Rates on 15-year fixed-rate mortgages also dropped slightly, averaging 3.3% this week, down from 3.31% last week and 3.57.
Hybrid ARM: A hybrid adjustable-rate mortgage blends the characteristics of a fixed-rate mortgage and a regular adjustable-rate mortgage. This type of mortgage will have an initial fixed interest.
For example, a VA 5/1 hybrid loan may be fixed for the first five years at 3.00 percent. At the end of the first five years, the loan morphs into an ARM. When the loan turns into an ARM, the index (which is the 1-year Constant Maturity Index, or CMT) is added to the margin. A common margin for the VA hybrid is 2.00 percent.
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MCLEAN, VA, Apr 30, 2015 (Marketwired via COMTEX. For example, 76 percent of borrowers who had a hybrid ARM refinanced into a fixed-rate loan during the first quarter. In contrast, only 3 percent.
One popular solution is a hybrid mortgage, which has a lower fixed rate for three, five, seven or 10 years, after which the rate expires and the loan adjusts to a potentially much higher rate.
The VA hybrid ARM rates are typically anywhere from one to two percent lower than current VA fixed rates.
The third option is a hybrid which. your interest rate. In this case, you have to do the math to figure out if this.
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Before we delve into the details of how the VA hybrid loan works, it helps to get familiar with this basic overview: the VA hybrid offers fixed rates for a period of time before transitioning into adjustable rates for the remainder of the loan life. It features helpful ARM caps that protect borrowers from financial shock in worst-case scenarios, and it also has many other benefits that the VA.
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Once you decide on a term, you then choose an interest rate option. But there's one other important choice: fixed or adjustable?