@Alfredo Martinez Of course it couldn't hurt but are there any specific provisions of the docs that are a red flag to you? Maybe the BP community could chime in if you give a little more info.
Best of luck,
@Alfredo Martinez , my pleasure. I agree with you. I would just scrutinize the docs myself and address any question you have with your loan officer/mortgage broker. It's their/our job to make sure you fully understand the terms. Don't be afraid to push them hard on any specific issue because they definitely want your business and should be able to explain anything that seems iffy to you.
As with any refinance, 2 things I'd just like to point out that you'll want to full understand or ask detailed questions about are:
1. ADJUSTABLE RATES- If its an adjustable rate mortgage at some point during the life of the loan, you want to understand which index they use and what the margin/caps are.
2. PREPAY - You definitely want to understand the prepayment penalty system for the new mortgage as it could dictate your future plans with the property.
Hope this helps a little.