Is it necessary to incur the added expense of a title search, etc. when loans are renewed?
In the rare event that the renewal balance exceeds the amount of the existing title policy or mortgage, an updated title and new mortgage with applicable closing costs would be required. However, if the renewal balance is below the existing policy and mortgage amounts, updating the title policy would not be necessary. Therefore, no closing costs or title costs would be incurred. WELS CEF would simply require the signing of a new note.
