The Benefits of a Low-Interest, Hybrid VA Loan?
Because of a distinct advantages of a Hybrid VA Loan, every veteran that is looking into buying a home should be looking into a Hybrid VA Loan. A Hybrid VA Loan has some some great features that make it a better option than a traditional Hybrid VA Loan.
Let's look at what is offered in a Hybrid VA Loan.
You could qualify for a Hybrid VA Loan, if you were honorably or generally discharged from any of the branches of the armed services. The Hybrid VA Loan is only available to veterans.
Here are some of the benefits that the VA offers in general:
1) Education & Training
2) Life insurance
3) Vocational rehabilitation
4) Adaptive housing
5) Pensions
6) Home loans
Let's take a look at how the Hybrid VA Loan can offer you lower interest rates.
Most people have heard of the Adjustable-Rate Mortgage or ARM. During the housing crisis, these loans got a lot of negative attention, much of it undeserved. Basically an ARM has an interest rate that can adjust. These loans are usually tied to an index and only adjust when the index adjusts.
The hybrid loan is a variation on the ARM loan. The hybrid loan is a combination of the fixed-rate loan and the hybrid loan. The fixed-rate portion, usually lasts 3 or 5 years. This fixed period is followed by an adjustable period that will last the length of the loan.
Most mortgage providers offer ARMS as one of their products. Lots of people have saved money with ARMs. An even better loan option for a veteran is the Hybrid VA Loan.
The Hybrid VA Loan is better because it can save you money.
The reason it can save you even more money is because a portion of it is backed by the U.S. government. This government guarantee helps lenders provide lower interest rates. Some qualified loan providers have provided loans at rates as low as 2.25%.
You can only explore the options of a Hybrid VA Loans with a VA-approved lender. See one of our VA-approved lenders to see how much money you could save your family with a Hybrid VA Loan.