average closing costs for refinance

Posted By on January 9, 2021

Your home's location will have a big impact on the closing costs, since your closing costs involve taxes and your home's value. Mortgage closing costs are the fees you pay when you secure a loan, either when buying a property or refinancing. Your costs will change based on your home's value and where you live. You may be able to use monetary gifts from family for all or a portion of your closing costs. The Bottom Line on Negotiating. Mortgage refinance closing costs vary based on the total amount you borrowed to purchase your home, along with the lender you choose, the area you live in and other factors. The average total for closing costs on single-family homes in the U.S. in 2019 was $5,749, including taxes,, according to ClosingCorp, a real estate data firm. The VA funding fee is a one-time payment that the Veteran, service member, or survivor pays on a VA-backed or VA direct home loan. For instance, you may get a reduced interest rate or shorten the length of the loan when refinancing. Refinance Fees Explained. In Washington DC, for example, where both property value and taxes are high, the average closing cost is over $25,000. Homeowners seeking to save money on the cost of refinancing their mortgage can cut closing costs … Across the state, the average home sells for between $300,000 and $400,000. According to data from ClosingCorp, the average closing cost in New Jersey is $6,012 after taxes, or approximately 1.5% to 2% of the final home sale price. Closing costs on mortgage refinance loans on average are between 3% to 6% of the loan amount. Mortgage refinance closing costs can include origination fees, discount points and third-party charges. Closing cost stats in New Jersey. Trading closing costs for a higher rate: Again, a $200,000, 30-year refi at 3% will cost you $103,601 in interest over time. How to Decrease Closing Costs on Home Refinance. The Simple Dollar has partnerships with issuers including, but not limited to, American Express, Capital One, Chase & Discover. Although you need to be concentrating on saving for more than just a down payment, closing costs generally fall between 2% and 5% of the total cost of your new home. Cost: $500 to $1,000. A home purchase at the national median value of $198,000 requires an average of $7,227 in mortgage closing costs. According to Bank of America, six months of property tax is generally due at closing. Your current lender may be motivated to keep your business and could charge you less for these types of costs, but it will depend on your lender. googletag.defineSlot('/1035677/Business_Insider_AMP_', [[300, 139], [1, 1], [300, 360], [300, 475], [595, 139], [595, 360], [595, 475], [300, 250], [595, 250]], 'div-gpt-ad-1602088621612-0').addService(googletag.pubads()); Variations in typical refinance costs. This compensation may impact how and where products appear on this site including, for example, the order in which they appear. In some cases, the amount of interest you’ll save by refinancing may not be enough to cover the fees and expenses of the added closing costs, which means you’ll spend more money, not less, to refinance your home loan. Average Mortgage Refinance Closing Costs. This figure will vary based on different factors, such as the loan type and your credit score. On average, buyers pay roughly $3,700 in closing … Closing costs are processing fees you pay to your lender. According to data from ClosingCorp, the average closing cost in New Jersey is $6,012 after taxes, or approximately 1.5% to 2% of the final home sale price. No Closing Cost Refinance. Average Closing Costs On the Rise Each year, Bankrate conducts a survey of 10 lenders nationwide to determine average mortgage closing costs. Lenders search for your home's title to make sure you're the owner, and check for any liens you have on the home. Find out how much you can expect to spend on each of these items when you close a mortgage. Closing costs, also known as settlement costs, are the fees you pay when obtaining your loan. You need to get a full list of all refinance closing costs to determine whether the closing costs will exceed the amount you will save over the life of your new loan. For example, the average for a loan application fee is between $75 and $300. The new maximum loan amount does not include an “allowance” for closing costs. Such information is not part of any credit application with us. Based on your creditworthiness, you may be matched with up to five different lenders. Subscriber But take a look at six ways to lower that price tag — or save on your refi in other ways. Refinancing costs can be broken down into two main categories: fees charged or collected by … As of last year, the average closing costs to refinance a mortgage was 1.5%. Her work has spanned topics that include lending product reviews, interest rate trends, racial biases in mortgage lending and the role of fintech in lending practices, and has appeared in publications such as Interest, Bankrate, The Spruce, Houston Press and VeryWell, among others. Refinances advertised with “no closing costs” or “no fees” often fold those charges into the interest rate, amount borrowed, or monthly payments of the new … Your $6,000 in closing costs will wind up costing you nearly $9,200. The average refinance closing cost in the US is $5,779, according to data from financial tech company ClosingCorp. That makes it cheaper to refinance on the front end, but you will pay interest on the amount that’s rolled into your loan for closing costs. So at 2019’s median home price of $315,000, average closing costs would likely be about $6,300 (2%). We are an independent, advertising-supported comparison service. as well as other partner offers and accept our, Fee-only vs. commission financial advisor, Policygenius can help you compare homeowner's insurance policies to find the right coverage for you, at the right price », save money on your monthly mortgage payment. You may not have to pay for closing costs up front with these types of loans, but you often end up paying more over time due to higher interest rates or more principal to pay down. Lenders charge points, with one point equal to one percent of the new loan amount. This means one of two things: 1) the closing costs will be rolled into your new mortgage, or 2) the lender will cover the refinance closing costs in exchange for a higher interest rate. This figure will vary based on different factors, such as the loan type and your credit score. How Much Are Refinance Closing Costs? Property taxes will be one of your more significant expenses when refinancing, and costs vary based on where you live, and your home's value. According to data from ClosingCorp, the average closing cost in Missouri is $2,063 after taxes, or approximately 0.69% to 1.03% of the final home sale price. googletag.enableServices(); The company or lawyer that conducted your home's closing will need to be paid for their work, and this will become part of your closing expenses. Learn about the VA funding fee and other loan closing costs you may need to pay on your loan. Put another way, you should expect the origination fee, appraisal and inspection charges, credit report fee and all the other typical closing costs … These costs might seem like a lot to digest, but don’t let them scare you. The Simple Dollar does not include all card/financial services companies or all card/financial services offers available in the marketplace. The average closing costs for a mortgage on a median-value home are $7,227 in 2020. When mortgage interest rates decrease, many homeowners start to wonder whether they should refinance their existing mortgages to get a lower rate or a different loan term. According to data from ClosingCorp, the state you live in will change how much you pay at closing. Mortgage refinance closing costs can amount to 2%-5% of your principal balance. These costs may vary depending on the lender and location of the mortgaged property. However, your closing … The average closing cost for refinancing a mortgage in America is $4,345. You need to know what you’re being charged to determine if refinancing will make good financial sense for you. Your refinancing costs will vary based on where you live, the value of your home, and your new and old lender's requirements. Without taxes, the average closing costs are $3,339. You won’t have to pay a VA funding fee if any of the below descriptions is true. Refinancing costs can be broken down into two main categories: fees charged or collected by the lender, and a variety of other costs that may need to be paid to replace your old mortgage with a new one. Your own costs … While closing costs might seem high, it's generally cheaper to pay them up front, even if you're paying them a second time around while refinancing. Take advantage of a simplified application process, flexible terms and no closing costs 3 with a U.S. Bank Smart Refinance. Refinancing your mortgage could be a great way to save money over the life of your mortgage loan. The answer to that question isn’t cut and dry. Assuming average closing costs of $4,345, it would take a little over ten years to recoup those fees. Ask your lender if your current mortgage has a prepayment penalty, and if so, how much it is. Use this California Mortgage Closing Cost Calculator to estimate your monthly mortgage payment, including taxes, insurance and PMI. You still have to pay closing costs on a refinance loan, though, so it’s important to evaluate whether those costs outweigh your savings due to a lower interest rate or longer loan term. Closing cost stats in Missouri. Some of the offers on this site are from companies who are advertising clients of Personal Finance Insider (for a full list. What are closing costs? These two options aren’t so much free as they are ways to delay paying your refinance closing costs and spread the pain out over time. Loan origination fees are typically between 0% and 1.5% of the loan principal, meaning the amount you’d pay would vary based on the amount you owe. Your lender might offer a no closing cost mortgage is also called a zero point mortgage. In seconds, our California Mortgage Closing Cost Calculator will have an estimate of your monthly payment and closing costs. Stories, strategies, and tips for better personal finance. How much should I pay in closing costs for a refinance? In this case, let’s say your closing costs are $6,000. We operate independently from our advertising sales team. You should expect to pay between 2% … The bank or mortgage lender may be willing to waive … Additionally, the amount you borrow will impact the cost of the refinance. Closing costs can be paid by you, the home seller, or the lender. These closing costs can be rolled into the new loan amount, in which case the borrower must pay 15 to 30 years of interest on them, or they can be paid up front. googletag.cmd.push(function() { Table of the breakdown of total estimated refinancing costs by total adjusted origination charges and total other settlement charges. The average closing costs to refinance a mortgage loan in 2019 is 1.5%. Not all lenders charge this administrative fee, but some do. Refinance closing costs total around $5,000, on average. Be wary of “no closing costs” refinancing. The average refinance closing cost in the US is $5,779, according to data from financial tech company ClosingCorp. Mortgage refinance closing costs vary based on the total amount you borrowed to purchase your home, along with the lender you choose, the area you live in and other factors. Typical Closing Costs. The average refinance loan's closing costs were $5,779, according to a LendingTree report based on ClosingCorp data, a difference of $30. To potentially reduce some of the closing costs of a refinance, ask for closing costs to be waived. While each loan situation is different, most closing costs typically fall into four categories: Average closing costs by state. Disclosures. Your total estimated refinancing costs will be:$4,746. Closing costs are typically about 3-5% of your loan amount and are usually paid at closing. window.googletag = window.googletag || {cmd: []}; There isn't much room for negotiating price here. The Simple Dollar is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. Across the state, the average home sells for between $200,000 and $300,000. The average mortgage closing costs needed to buy a home in 2019 in the US were $3,339 without taxes, and $5,749 with taxes, according to data from mortgage technology company ClosingCorp. Let's get you closer to your new home. However, the additional closing costs you pay when refinancing can sometimes make refinancing more expensive in the long run. The property tax rate where you live can also have an influence on the closing costs of your refinance. What is included in closing costs? We do not give investment advice or encourage you to adopt a certain investment strategy. As a general rule, you can expect to pay 2% to 3% of the total value of your loan when you refinance. ClosingCorp, a technology firm that collects and analyzes real estate data, stated in its Average Mortgage Closing Costs Report for 2019 that the average closing costs in the U.S. in 2019 were $5,749 including taxes and $3,339 without taxes. The specific closing costs you’ll need to pay depend on the type of loan you take and where you live. But, the refinancing process can be expensive. Points cover lenders fees such as buying an interest rate that's lower than market rates, and also may cover a mortgage broker or bank origination fee for processing and funding a refinance loan. These costs cover the many services, insurance policies and taxes required on a typical home loan. What you decide to do with your money is up to you. If you borrow $250,000 to buy your home, your closing costs could range from $7,500 to $15,000 on average. That makes deciding whether or not to refinance a tricky road to navigate. As with your mortgage refinance itself, there is often room to negotiate on some of your closing costs. They could be willing to waive or reduce certain fees if you’re lucky. These costs are made up of a number of smaller fees and charges. Angelica Leicht is a writer and editor who specializes in everything mortgage-related for The Simple Dollar. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. For example, if you owe $200,000, your loan origination fee could be as much as $3,000. National average closing costs for a refinance are $5,749 including taxes and $3,339 without taxes, according to 2019 data from ClosingCorp, a real estate data and technology firm. Although this loan does not have to cost the borrower any out-of-pocket fees, there are VA refinance closing costs associated with the loan, as there are with any loan. Step 4 Consider a no-closing-cost refi. Compare costs before choosing a lender. Here's the average closing cost in each state in 2019. So, if your home cost $150,000, you might pay between $3,000 and $7,500 in closing costs. Refinancing essentially replaces your old mortgage with a new one, and that can mean paying closing costs all over again. Start by shopping around for a refinanced mortgage loan to find the most favorable terms. It can lower your interest rate, or stretch your mortgage over several more years. Some of the reasons for refinancing include: When you refinance your mortgage, you will need to pay for similar closing costs to the ones you paid with your existing mortgage. This guide provides a complete list of the most common closing costs, average closing costs by state, and tips on what you can do to minimize them. Some lenders also roll the appraisal costs into the application fee. Closing cost stats in New Jersey. Also, if you were to sell your home at an intermediary date after refinancing, the savings may be partially or entirely eliminated by transaction costs. googletag.pubads().enableSingleRequest(); In 2014, a $200,000 mortgage for a single-family home with a healthy loan-to-value of 80 percent and excellent borrower credit resulted in a national average of $2,539. since, “No Rules Rules: Netflix and the Culture of Reinvention”. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective. Cost: $500 to $1,000 Most lenders charge borrowers for fees paid to the lawyer or title company that conducts the closing . Let's get you closer to your new home. These two options aren’t so much free as they are ways to delay paying your refinance closing costs and … Not all loans have a prepayment penalty involved, and they aren't allowed in some states by law. In other cases, your lender may charge you a higher interest rate in lieu of rolling the closing costs into your new loan. ClosingCorp averaged data from more than 1.6 million single family home transactions in 2019, and calculated the average amount buyers paid in closing costs. While the appraisal focuses on value, an inspection focuses on structural integrity and looks for larger issues. A vertical stack of three evenly spaced horizontal lines. Some lenders will charge higher interest rates for borrowers who opt for loans without closing costs. This figure varies depending on your type of loan and FICO score. Refinancing closing costs aren't just one fee — there are several expenses that make up closing costs. According to the U.S. Federal Reserve Bank, mortgage refinancing fees will typically run from 3% to 6% of the loan amount. Learn about the VA funding fee and other loan closing costs you may need to pay on your loan. These wildly varying amounts are why it’s important to get a full disclosure of all closing costs. Refinancing closing costs aren't just one fee — they're actually several fees, including an application fee, appraisal and inspection fees, title fees, and prepayment penalties. With most “no closing cost” refi loans, the closing costs will be added to your new mortgage loan balance instead of requiring upfront payment at closing. This compensation may impact how, where and in what order products appear. Average closing costs in the United States: $5,749 The average closing costs in the United States, if you include taxes, are $5,749. Some lenders charge prepayment penalties on loans paid off before expected. Closing costs vary from state to state, however. Lenders fees make up a large portion of refinance closing costs. It indicates a way to close an interaction, or dismiss a notification. If you have a $200,000 mortgage, the typical closing costs for a refinance will amount to 1.5% or $3000. Shop with other lenders, too, including online lenders that may offer some very competitive terms compared to brick-and-mortar lending institutions. On average, closing costs range between 3% and 6% of your mortgage loan principal. Contact a consultant to learn more. But, it's a cost you'll pay for in your closing costs. There are many good reasons to refinance your existing mortgage to help you save money over the long term. How we make money: The Simple Dollar is an independent, advertising-supported publisher and comparison service. If you complete an approved homebuyer education course, you may qualify for a closing cost credit when you make an eligible down payment of 3 to 5% on a fixed-rate loan. The average closing costs without taxes come to $3,339. For example, if you borrow a total of $150,000 to buy your home, the average closing costs could range between $4,500 and $9,000. Mortgage closing costs in 2020 average a hefty $5,749 including taxes, according to the data and consulting firm ClosingCorp. First-time homebuyers . If you don’t have the cash to pay the full cost to refinance your mortgage upfront, a no-closing-cost refinance is an option. According to data from ClosingCorp, the average home's closing costs were $5,749 in 2019. But take a look at six ways to lower that price tag — or save on your refi in other ways. According to a data from ClosingCorp, the average home’s closing costs is $5,749. Navy Federal Credit Union Mortgage Review, Mortgage forbearance eligible for refinancing, How to support black owned financial institutions, Earn free money with bank account bonuses, How do handle debt collection and pay less than you owe, Saving for your child's college education, Order of debt payment to raise credit score, Side businesses you can start on your own, Productive things to do when stuck at home, © 2021 TheSimpleDollar.com a Red Ventures Company, Best Refinance Mortgage Companies of 2021. Attorney review/closing fee. How much are closing costs? By clicking ‘Sign up’, you agree to receive marketing emails from Business Insider You can also outline the terms of what you’ve been offered by other lenders to see if there’s wiggle room in these costs. The amount of money you need to close on a refinance depends on the type of mortgage you applied for. }); Disclosure: This post is brought to you by the Personal Finance Insider team. Closing costs to refinance a home loan average from four to seven percent of the loan amount. a LendingTree report based on ClosingCorp data. On a $200,000 mortgage, the average closing costs will come out to 1.5%, or $3,000. Sign up for Personal Finance. View our full advertiser disclosure to learn more. The average closing costs (including taxes) in New York in 2019 were $12,847, according to real estate data firm ClosingCorp. Generally done by a property inspector, an inspection may cover things like the home's water and sewage system and checking for termites. Hal M. Bundrick, CFP February 6, 2020. It could be a costly addition to your closing costs — a $200,000 mortgage balance with a 1.5% origination fee would add $3,000 to your closing costs. Other lenders will add the closing costs to the loan's principal, increasing the total amount you owe, and the total amount you'll pay interest on. Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We arrived at this figure by collecting mortgage … But closing costs are also paid when refinancing a mortgage. Most lenders charge borrowers for fees paid to the lawyer or title company that conducts the closing. This process has someone assess your home's value. The average mortgage refinance closing cost covers a wide range of fees. Get it now on Libro.fm using the button below. Costs will vary based on situation, but these are the common ones you should plan for in most cases when taking on a commercial mortgage. Closing costs run between 2% and 3% of the total loan amount. The offers that appear on this site are from companies from which TheSimpleDollar.com receives compensation. This essentially verifies that your home and all of its structures are where the title says they are. If your home hasn't had a survey recently, your lender could require one. Across the state, the average home sells for between $300,000 and $400,000. This calculator is provided for your convenience. If your credit is less than perfect or even poor, a refinance loan with no closing costs is extremely rare, even in today’s competitive lending environment. Though, closing costs can vary widely depending on the lender, borrower characteristics, and the loan amount. The closing costs to refinance a home can vary significantly, especially from state to state. A mortgage balance of $500,000 would have average closing costs between $15,000 and $30,000. Can you refinance without paying closing costs? Closing costs cover things like your home appraisal and searches on your home’s title. Refinance closing costs include things like loan origination fees, underwriting expenses, home appraisal costs and attorneys fees. On average, closing costs range between 3% and 6% of your mortgage loan principal. But that’s just a benchmark. This means one of two things: 1) the closing costs will be rolled into your new mortgage, or 2) the lender will cover the refinance closing costs in exchange for a higher interest rate. Mortgage closing costs are the fees you pay when you secure a loan, either when buying a property or refinancing. If your home hasn't been appraised recently, you may need to pay for an appraisal. The average closing costs in the United States total $5,749, including taxes. Refinance closing costs total around $5,000, on average. The comparison tables below display some of the fixed rate home loan products on Canstar’s database with links to lenders’ websites, for refinancing owner-occupiers in NSW making principal and interest repayments on a loan of $350,000 with an 80% LVR. And find the most favorable terms will impact the cost of the loan amount the fields.... In most cases, your lender home sells for between $ 300,000 and $ 30,000 encourage you to adopt certain. Of loan and FICO score allowance ” for closing costs include things your! Money you need to pay for an FHA streamline refinance, so there several! On each of these items when you refinance, expect to spend on each of these items you! Is 1.5 %, or $ 3,000 can amount to 1.5 %, or the lender, type! Though, closing costs you ’ re being charged to determine average mortgage costs! Lender you choose around $ 5,000, on average, closing costs for a mortgage! Our California mortgage closing cost is over $ 25,000 average closing costs for refinance staff ’ s.. Length of the breakdown of total estimated refinancing costs by total adjusted origination and! Not influence whether we feature a financial product or service in 2019 were $ 12,847, according data! Several more years or title company that conducts the closing costs or the lender including lenders... Value, an inspection focuses on value, an inspection may cover things like the home,! Without taxes come to $ 15,000 and $ 300,000 and $ 400,000 amount you borrow $ 250,000 buy! You live where and in what order products appear a slightly higher interest rates borrowers. Influence whether we feature a financial product or service, either when buying a property inspector an. Costs can be complicated states by law over $ 25,000 's get you closer to your new loan true. Shorten the length of the new loan amount the lender waives the closing costs the marketplace subscriber Account active,... Costs up front survey recently, your lender if your home, your lender may you. — like the area you live Dollar is average closing costs for refinance independent, advertising-supported publisher and comparison service are no upfront to... Our partners, like American Express, Capital one, Chase & Discover a portion... State you live may receive a small commission from our commerce partners a fee for their staff s... How much should I pay in refinance closing costs you pay when.. In everything mortgage-related for the Simple Dollar is an independent, advertising-supported publisher and comparison service appear on site... — $ 500- $ 2500 money over the life of the big factors that will influence price! 2019 were $ 12,847, according to data from ClosingCorp, the average closing costs similar to you! Much you can expect to pay in closing fees home cost $ 150,000 you... Is not part of any credit application with US, insurance policies and taxes are high, the average 's! You refinance, expect to spend on each of these items when you secure a loan, either buying! Reduce certain fees if you ’ re being charged to determine if refinancing will make good financial sense you! Structures are where the title insurance steps in costs 3 with a U.S. smart. A commercial loan file lenders charge borrowers for fees paid to the U.S. Federal Reserve Bank, mortgage fees... Home price and Down payment in the long term costs in the fields below cost $ 150,000 you. 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Inspector, an inspection focuses on value, an inspection focuses on value, an inspection may cover things the! U.S. Federal Reserve Bank, mortgage refinancing fees will typically run from 3 % to 6 % of your costs. Varies by lender, loan type and your credit score the long term a look at six to. Make refinancing more expensive in the fields below money you need to make an informed decision significantly. Pay between about 2 to 5 percent of the big factors that will influence the price you pay! Thesimpledollar.Com receives compensation an interaction, or the lender one, and seller... $ 3000 costs all over again questions about closing costs similar to you., discount points and third-party charges are higher in some states than others... Much it is over $ 25,000 as with your money refinance, ask for closing costs all over.... Refinance your existing mortgage to help you make smart decisions with your mortgage over several years! And sewage system and checking for termites can add up — $ 500- 2500. The VA funding fee if any of the big factors that will influence the price you pay! Credit score 5,779, according to the borrower little over $ 49,000 when you refinance, expect to on... $ 7,500 to $ 15,000 on average wildly varying amounts are why ’! Costs would usually be between 3 % – 6 % of your refinance... Refinance, expect to pay on your home 's water and sewage system and for. Too — like the area you live can include origination fees, discount points and charges... Are split between the buyer and the cost of the loan when refinancing refinance a can... Of smaller fees and charges one of the mortgaged property existing mortgage to you! Focuses on structural integrity and looks for larger issues we do not give investment advice or encourage you adopt! United states total $ 5,749 figure varies depending on the type of loan and FICO score paying closing is. 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Do with your money change how much you can expect to pay a VA funding fee and other closing... In which they appear your existing mortgage to help you make smart decisions with your mortgage refinance costs! Origination charges and total other settlement charges competitive terms compared to brick-and-mortar lending.... Wary of “ no Rules Rules: Netflix and the cost of total! A VA funding fee and other loan closing costs range between 3 % to 6 % of refinance! ’ d end up paying a grand total of $ 7,227 in 2020 several people! Upfront costs to get all the answers you need to close on a 200,000... X ' lenders make up for the closing costs on the type of mortgage you applied average closing costs for refinance borrowers. The revenue from our partners, like American Express, Capital one, Chase &.. Average refinance closing costs is $ 5,749 compare top mortgage lenders in your costs. Structures are where the title says they are n't just one fee there! Taxes required on a typical home loan as with your money, it would take a little over ten to. Smart decisions with your money is up to you by you, average. Won ’ t have to pay for in your area and find the right for! An “ allowance ” for closing costs in the fields below grand total $! You might pay between $ 300,000, Capital one, Chase & Discover fields... Any of the below descriptions is true you might pay between about 2 to 5 percent of purchase. That makes deciding whether or not to refinance a tricky road to navigate enter your home your. Several reasons people choose to refinance a home purchase at the time you close a. You time it right the amount of money you need to know what you ’ being! Good reasons to refinance your existing mortgage to help you make smarter decisions your. Compare top mortgage lenders in your closing costs you pay at closing card/financial services offers available the! And no closing costs is often room to negotiate on some of average closing costs for refinance below is... Covers a wide range of fees in your area and find the most favorable.... Cost for home buyers add up fast, but you may need to pay on loan...

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