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1 Understanding Mortgage Refinance Closing Costs
https://www.lendingtree.com/home/refinance/mortgage-refinance-closing-costs/
Common fixed mortgage refinance closing costs ; Loan application fee · $75 to $500 ; Home appraisal · $225 to $700 ; Credit report fee · $10 to $100 ...
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2 Average Cost of a Mortgage Refinance - ValuePenguin
https://www.valuepenguin.com/mortgages/average-cost-of-refinance
The average closing cost for refinancing a mortgage in America is $4,345. These costs may vary depending on the lender and location of the ...
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3 How Much Does It Cost To Refinance? - Bankrate.com
https://www.bankrate.com/mortgages/how-much-it-costs-to-refinance/
Generally, you can expect to pay 2 percent to 5 percent of the loan principal amount in closing costs. For a $200,000 mortgage refinance, for ...
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4 The average refinance closing costs for a mortgage, by state
https://www.businessinsider.com/personal-finance/average-refinance-closing-costs
In 2021 the average refinance closing costs in the US were $2,375 without taxes, according to data from financial tech company ClosingCorp.
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5 The Cost To Refinance A Mortgage
https://www.rocketmortgage.com/learn/cost-to-refinance
But like a home purchase, one of the requirements for refinancing is the payment of closing costs. In the case of a refi, you can expect to pay ...
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6 Understanding the costs of refinancing - Freddie Mac
https://myhome.freddiemac.com/refinancing/costs-of-refinancing
The average closing costs on a refinance are approximately $5,000. The size of your loan and the state and county where you live will play big roles in how much ...
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7 Mortgage Refinance Closing Costs to Watch Out For
https://www.nerdwallet.com/article/mortgages/refinancing-home-hidden-fees-points-commissions-to-watch-for
What are refinance closing costs? ... You may pay as much as 2%-5% of your outstanding principal in mortgage refinance fees, known as closing ...
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8 The Cost to Refinance a Mortgage (and How to Pay Less)
https://www.credible.com/blog/mortgages/the-cost-of-refinancing-your-home/
Refinancing costs money — but depending on the circumstances it can be worth it. You'll pay closing costs, which include fees for the ...
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9 How much does it cost to refinance? - My Mortgage Insider
https://mymortgageinsider.com/how-much-does-it-cost-to-refinance/
It typically costs between 2-5% of the amount you're borrowing to cover the closing costs of your refinance.
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10 Refinance Closing Cost Calculator | Home Lending
https://www.chase.com/personal/mortgage/calculators-resources/mortgage-refinance
What would my refinancing costs be? · Your total estimated refinancing costs will be: $2,516 · How to estimate your costs to refinance · Follow us: · Chase Home ...
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11 Closing Costs for Refinancing: Here's What You Need to Know
https://www.fool.com/the-ascent/mortgages/refinancing-closing-costs/
Refinancing closing costs usually include: Loan origination fees (0.5% to 1.5% of loan amount); Application fees ($75 to $300); Credit report ($ ...
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12 How to Lower Refinance Closing Costs - Investopedia
https://www.investopedia.com/articles/personal-finance/123115/how-lower-refinance-closing-costs.asp
Typical Refinance Closing Costs · Origination fees · Appraisal fees · Title insurance · Title search fees · Survey costs · Credit report fees · Taxes.
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13 Mortgage refinance cost calculator | How much does it cost
https://www.usbank.com/home-loans/mortgage/mortgage-calculators/mortgage-refinance-cost-calculator.html
Your total estimated refinancing costs will be: $4,730 · Closing Costs · Payment · Breakdown.
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14 Here's How Much It Costs to Refinance Your Mortgage
https://www.realsimple.com/work-life/money/refinance-your-mortgage
Closing costs are usually 2 to 5 percent of your loan amount. ... The average cost to refinance your mortgage is generally 2 to 5 percent of the ...
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15 What Does it Cost to Refinance a Mortgage?
https://www.americanfinancing.net/refi/costs-to-refinance
It is typically included in the total loan amount to avoid any upfront, out of pocket costs. Expect to pay around 1-1.5% of your principal balance to make up ...
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16 How much does it cost to refinance a mortgage?
https://www.freedommortgage.com/learning-center/articles/cost-to-refinance
Almost every home refinance comes with closing costs. These closing costs can average between 2% and 6% of the loan amount according to Forbes.com.
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17 Is A No-Closing-Cost Refinance Too Good To Be True? - Forbes
https://www.forbes.com/advisor/mortgages/refinance/no-closing-cost-refinance/
What Is a No-Closing-Cost Refinance? ... Typically, a borrower pays 2% to 5% of the amount of their mortgage loan in closing costs. That means if ...
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18 Mortgage Refinancing Costs: Home Appraisal, Inspection ...
https://www.mortgagecalculator.org/helpful-advice/costs-of-refinancing.php
The closing costs of a home refinance generally include credit fees, appraisal fees, points (which is an optional expense to lower the interest rate over the ...
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19 It's becoming 'increasingly common.' How to refinance your ...
https://www.marketwatch.com/picks/its-becoming-increasingly-common-how-to-refinance-your-home-and-spend-0-at-closing-to-do-it-01628867799
Closing costs associated with refinances tend to run about 2-5% of the total principal amount that you owe, and the average closing costs on a ...
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20 How Much Are Closing Costs? Find Out What to Expect
https://www.wellsfargo.com/mortgage/learning/closing-costs/
Your closing costs, which will depend on your lender, type of mortgage, and home location, may cost thousands of dollars — they're typically 2 to 5% of your ...
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21 Refinance Closing Cost Calculator | SmartAsset.com
https://smartasset.com/refinance/refinance-closing-costs
Yes, just like your original mortgage, your refinance mortgage will come with closing costs. But before you let refinance closing costs scare you away from a ...
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22 Refinance Closing Costs Calculator 2022 | Casaplorer
https://casaplorer.com/refinance-closing-costs-calculator
Refinance closing costs usually range from 2% to 5% of the refinance principal. For example, if you are refinancing your mortgage for $300,000, closing costs ...
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23 Closing Costs Calculator - Bank of America
https://www.bankofamerica.com/mortgage/closing-costs-calculator/
Closing costs, also known as settlement costs, are the fees you pay when obtaining your loan. Closing costs are typically about 3-5% of your loan amount and are ...
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24 Is Refinancing a Mortgage Expensive? - US News Money
https://money.usnews.com/loans/mortgages/articles/is-refinancing-a-mortgage-expensive
Refinancing with no closing costs is possible. "With a no-cost refinance, the lender essentially covers the closing costs rather than having to pay them ...
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25 What are Typical Closing Costs on a Refinance? - Interest.com
https://www.interest.com/mortgage/refinance/closing-costs/
ClosingCorp, a technology firm that collects and analyzes real estate data, stated in its Average Mortgage Closing Costs Report for 2019 that ...
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26 Costs & Factors to Consider When Refinancing Your Mortgage
https://www.moneygeek.com/mortgage/refinance/cost-to-refinance/
When comparing mortgage quotes, calculate the difference in monthly payments, closing costs and lifetime interest expenses. Normally, the loans ...
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27 Closing Cost Calculator - Guaranteed Rate
https://www.rate.com/mortgage-calculators/closing-cost-calculator
Here's what the some of the common closing costs would look like for a typical buyer and how each of these aspects will impact your mortgage: Property appraisal ...
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28 How to Estimate Closing Costs - Assurance Financial
https://assurancemortgage.com/what-are-closing-costs/
The average total cost of closing fees for home-buyers is about $3,700. The higher the purchase price of your home, the higher your closing costs will be. While ...
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29 No Closing Cost Refinance Mortgage, Refinance Analysis ...
https://www.erate.com/refinance-no-points-no-fees
Non-Recurring Closing Costs include the following: Appraisal Fee, Credit Report, Lenders Fees, Broker Fees, Title Insurance, Escrow Fees and Recording Fees.
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30 Interest Rate Reduction Refinance Loan (IRRRL)
https://www.vba.va.gov/ro/phoenixlgy/Pamphlets/IRRRL%20(veteran).pdf
Closing costs normally associated with an Interest Rate Reduction ... charges on a VA Loan, contact the ... Note: Refinancing frequently or adding.
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31 Mortgage Closing Costs Calculator | Navy Federal Credit Union
https://www.navyfederal.org/makingcents/tools/mortgage-closing-cost-calculator.html
Closing costs are typically 2% to 4% of the loan amount. They vary depending on the value of the home, loan terms and property location, and include costs such ...
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32 Are Refinance Closing Costs Flexible? - 6 Tips | US Lending Co.
https://www.uslendingcompany.com/blog/are-refinance-closing-costs-flexible-6-tips-to-save/
What are the Refinance Closing Costs? · Escrow fees – Escrow fees are generally charged by the third party who is holding onto a specific amount of money that ...
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33 How Much Are Closing Costs? Plus - Realtor.com
https://www.realtor.com/advice/buy/reduce-closing-costs/
Whether you're a first-time homebuyer or have purchased property before, if you get a mortgage to buy a home, you'll have to pay closing ...
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34 Zero Cost Refinance| Mortgages | Fairfax VA | Charleston SC
https://pmcmortgage.com/the-zero-cost-refi/
The rate is about 1/4 percent higher than a mortgage program that carries typical closing costs. There are no points, no title insurance costs, no appraisal ...
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35 How much are Closing costs in South Carolina
https://www.cainmortgageteam.com/closing-costs-calculator-south-carolina/
The typical closing cost for a cash-out refinance in South Carolina is around $4000. The typical closing costs in South Carolina ranges from around 2% ...
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36 Land Loan Closing Costs: What You Need to Know - FarmLend
https://www.farmlend.com/article/land-loan-closing-costs
Average closing costs typically run between two and five percent of the loan amount. You can pay for the fees with a check, wire transfer, or, in some cases, ...
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37 Typical closing costs for a commercial mortgage | by Tim Milazzo
https://blog.stacksource.com/typical-closing-costs-for-a-commercial-mortgage-2e425ee3a2dc
News flash: you need more cash than just the “down payment” amount to buy real estate. Even if you are refinancing real estate you already own, ...
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38 How Much Are Refinance Closing Costs? - Benzinga
https://www.benzinga.com/money/how-much-are-refinance-closing-costs
Closing costs run between 2% and 3% of the total loan amount. So, for a $500,000 home refinance, you should expect to pay anything between ...
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39 VA Loan Closing Costs - Complete List of Fees to Expect
https://www.veteransunited.com/education/homebuying/closing-costs/
They can choose to either charge you a flat 1 percent origination fee, or pick and choose among a host of fees, so long as they add up to no more than 1 percent ...
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40 Closing Costs Explained - How Much Are Closing ... - Zillow
https://www.zillow.com/mortgage-learning/closing-costs/
There's no way to avoid closing costs entirely, whether you're buying or refinancing, paying fees at closing or rolling them into your loan.
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41 What are Closing Costs When You Refinance Your home?
https://www.azmortgagebrothers.com/blog/what-are-closing-costs-when-you-refinance-your-home/
Below is a short chart showing a typical scenario of what you will see with closing costs. In this case, the loan amount is $250,000.
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42 What Are Closing Costs And How Much Will I Pay?
https://www.quickenloans.com/learn/closing-costs
Closing costs are fees paid to cover the property, insurance and mortgage costs incurred by your lender and other third parties while processing ...
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43 How to refinance your home to a low mortgage rate
https://www.yahoo.com/finance/news/refinance-home-low-mortgage-rate-120000929.html
Put at another way, you should expect the origination fee, appraisal and inspection charges, credit report fee and all the other typical closing ...
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44 10 Mistakes to Avoid When Refinancing a Mortgage
https://www.mortgageloan.com/10-mistakes-to-avoid-when-refinancing-a-mortgage-3481
The problem is that refinancing costs money. To refinance a mortgage, you'll typically pay about 3-6 percent of the loan balance in closing costs, perhaps less ...
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45 How much does mortgage refinancing cost? - Fox Business
https://www.foxbusiness.com/money/how-much-does-mortgage-refinancing-cost
Though homeowners typically refinance to lower their monthly payment, there are costs associated with taking a new loan for a home refinance.
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46 How Much Does It Cost To Refinance Your Mortgage?
https://listerhill.com/blog/2020/12/cost-to-refinance-mortgage
In general, it costs between 2-5% of your mortgage's principal to refinance your home. To get a precise estimate of closing costs, you'll have to factor in ...
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47 Georgia Closing Costs Rates | Moreira Team Mortgage
https://moreirateam.com/georgia/closing-costs-in-georgia-ga/
Since mortgage loans are offered by lenders, closing costs are also charged by and paid to lenders. But there are third party fees involved. Lender's costs ...
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48 Is a No Closing Cost Refinance Right for You?
https://wyndhamcapital.com/blog/is-a-no-closing-cost-refinance-right-for-you/
Refinance closing costs are typically 2-5 percent of the loan amount. These are the charges for a title search, recording fees and appraisal ...
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49 FHA Closing Costs - Complete List and Estimate
https://fhalenders.com/fha-closing-costs/
FHA closing costs average anywhere from 2% to 4% of the loan amount. Your actual costs will be tied to various factors such as your loan amount, ...
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50 Home Closing Costs Calculator | Associated Bank
https://www.associatedbank.com/personal/financial-calculators/home-loan/what-will-closing-costs-be
Your total estimated closing costs will be $7,125 · Loan Info · Taxes & Insurance · Origination Fees · Other Settlement Charges.
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51 Closing Costs, Refinancing, and Inefficiencies in the Mortgage ...
https://davidzhang.scholar.harvard.edu/files/dhz/files/zhang_jmp.pdf
of mortgage closing costs added to the rate, different borrowers will ... refinancing threshold in typical calibrations of both the Agarwal, ...
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52 Is it Smart to Roll Closing Costs into Your Loan?
https://www.csmcmortgage.com/articles/is-it-smart-to-roll-closing-costs-into-your-loan.php
Closing costs can be an expensive part of buying a home. In addition to saving for your down payment, you need to save for closing costs, too.
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53 Closing Costs for New Jersey Home Buyers: 5 Things to Know
https://www.njlenders.com/blog/closing-costs-new-jersey-home-buyers
1. Typical closing costs and pre-paid expenses for NJ home buyers are 2% to 3% of the purchase price. · 2. Costs include lender and third-party fees. · 3. The ...
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54 What Closing Costs are Required When Buying a Home?
https://www.discover.com/home-loans/articles/what-closing-costs-are-required-when-buying-a-home/
Buyers need to know how much all of these fees and expenses will cost. While the amounts can vary widely, you can generally expect to pay between two and five ...
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55 VA Loan Closing Costs 2022 | Average Fees & Who Pays
https://www.militaryvaloan.com/va_loan_closing_cost
VA home loan closing costs and fees: What to expect. A down payment is not required on VA loans. However, the borrower is responsible for ...
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56 Cost To Refinance A Mortgage In California
https://www.koloans.com/refinance-a-mortgage/lower-your-costs/
The average cost to refinance a mortgage in California is going to vary from application to application but generally speaking, you should anticipate paying ...
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57 7 Fees To Look Out for When Buying a House | Credit Karma
https://www.creditkarma.com/home-loans/i/fees-when-buying-home
The loan origination fee is probably the largest single closing cost you'll encounter, as it's the primary way lenders make money. Lenders ...
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58 Closing disclosure explainer
https://www.consumerfinance.gov/owning-a-home/closing-disclosure/
Lenders are required to provide your Closing Disclosure three business days before ... Check that your Closing Costs match your most recent Loan Estimate.
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59 Closing Costs | TEGFCU | Estimate With Our Mortgage ...
https://www.tegfcu.com/mortgage/mortgage-center/closing-costs/
Closing costs typically are about 3-5% of your new home's purchase price. This amount may vary, however, based on your home's location, cost and other factors.
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60 How Much Are Home Equity Loan Closing Costs? - TIME
https://time.com/nextadvisor/loans/home-equity/how-much-are-home-equity-loan-closing-costs/
A home equity loan lets you borrow against your home equity to access large sums of cash at a relatively low, fixed interest rate. But, it can ...
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61 The No Cost Refinance: How It Works and What It Really Costs
https://www.thetruthaboutmortgage.com/no-cost-refinance-loans/
With a typical no cost mortgage, you'll cruise through the process without paying a dime at closing, but you may end up with an interest rate of 6.5% or higher ...
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62 Guide to Closing Costs in Washington State
https://seattlemortgageplanners.com/guide-to-closing-costs-in-washington-state/
Closing costs consist of the various fees charged on top of the purchase price of the property during a real estate transaction, such as ...
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63 Reverse Mortgage Closing Costs & Fees Explained
https://reverse.mortgage/closing-costs
Are closing costs on reverse mortgages deductible? ... Certain loan origination and appraisal fees may be deductible and we recommend you speak to ...
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64 Closing Costs in Virginia: What Homebuyers Need to Know
https://houwzer.com/blog/closing-costs-in-virginia
Typical Buyer Closing Costs in Virginia · Home appraisal ($300 - $365) · Home inspection ($300-$450) · Lender fees ($900-$1,300) · Owner's title ...
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65 How Much Are Closing Costs on a New Home? - SoFi
https://www.sofi.com/learn/content/typical-home-buying-closing-costs/
How Much Are Closing Costs on a New Home? · Lender fees. This is the cost the lender charges for processing your loan. · Appraisal, inspection, and survey fees.
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66 Can FHA Closing Costs Be Financed?
https://www.fha.com/fha_article?id=516
Some of your FHA loan closing costs may be financed, and some may - after being ... a Streamline Refinance loan or an FHA Cash Out Refinancing loan.
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67 How Much Does It Cost to Refinance a Car? | Lantern by SoFi
https://lanterncredit.com/auto-loans/how-much-does-it-cost-to-refinance-car
Your auto loan refinancing costs may include application fees and other related charges hidden in fine print. Learn how much it costs to refinance a car.
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68 What To Do if You Can't Afford Closing Costs - FREEandCLEAR
https://www.freeandclear.com/resources/advice/what-to-do-if-you-cannot-afford-mortgage-closing-costs
While there is no fixed price for closing costs, they generally run between 0.5% and 2.0% of your mortgage amount which means your are required ...
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69 What Are Closing Costs in Pennsylvania | Homeway Real Estate
https://www.homewayre.com/blog/closing-costs-in-pennsylvania/
Typically for a buyer, closing costs can be about 5% to 6% of the home's value. In Pennsylvania, the average closing cost before taxes is ...
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70 What does a refinance cost? - Cost of refinancing - HSH.com
https://www.hsh.com/finance/refinance/what-does-a-refinance-cost.html
There's no such thing as a free refinance. Just as with a purchase mortgage, you will have to pay closing costs when refinancing your home ...
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71 Understanding Seller Credits To Closing Costs
https://www.foundationmortgage.com/buy-a-house-in-florida-mortgage/what-i-should-know-about-mortgages-in-florida/purchase-money-mortgage-seller-credit-to-closing-costs
Depending on the purchase price, state and loan type, Closing Costs and Prepaid Items can range anywhere from 2% - 5% of the home's contract price. Home Buyers ...
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72 Closing costs in New Hampshire November 2022 | finder.com
https://www.finder.com/mortgages/closing-costs-in-new-hampshire
Across the state, the average home sale price is between $200,000 and $300,000. If you buy a home in that price range, average closing costs ...
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73 Property Taxes May Be Due - MortgageMark.com
https://mortgagemark.com/home-loan-process/refinance/property-taxes-may-be-due/
Property Taxes May Be Due Refinance Home Loan With Best Lender In Plano Texas ... you'll then get your Escrow Refund as you would with a “normal” refinance.
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74 Looking to Refinance? Don't Forget About Closing Costs
https://www.thestreet.com/mortgages/looking-refinance-dont-forget-about-closing-costs-12790107
The problem is that while mortgage rates have plummeted, closing costs like title insurance, transfer taxes, appraisals and application fees ...
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75 Will I Save Money By Refinancing My Mortgage?
https://www.moneyunder30.com/should-i-refinance-my-mortgage
Closing costs can run between 3–6 percent of the principal of your loan. If you still owe $200,000 on your home when you refinance, you could ...
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76 Closing Costs in Connecticut: Everything You Need to Know
https://www.newhomesource.com/learn/connecticut-closing-costs/
It's worth noting Connecticut closing costs have been improving: In 2020, ClosingCorp listed Connecticut as the 7th state with the highest closing costs.
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77 Guide to Commercial Real Estate Closing Costs - Plum Lending
https://plumlending.com/guide-to-commercial-real-estate-closing-costs/
Origination Fee: an origination fee is a charge by the lender for processing a loan, acting as the compensation for the lender. Origination fees generally range ...
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78 Closing Costs Explained
https://www.homeclosing101.org/the-closing-process/closing-costs-explained/
Closing Costs Explained · Origination: The fee the lender and any mortgage broker charges the borrower for making the mortgage loan. · Points: Points are a ...
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79 Florida Mortgage Closing Cost Calculator
https://rkmortgagegroup.com/closing-cost-calculator/florida
Use our free Florida mortgage closing costs calculator to quickly estimate your closing expenses on your home mortgage. Includes taxes, insurance, PMI.
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80 Refinance FAQs | Home Refinancing Questions & Answers
https://www.loandepot.com/refinance/questions
These fees include 3rd party fees such as credit report, title, escrow, notary, and recording fees. Other fees include the appraisal fee and lender fees such as ...
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81 Home Buyer Closing Costs in Washington State
https://www.sammamishmortgage.com/washington-state-closing-costs/
Home buyer closing costs in Washington State range from about 2% to 5% of the purchase price, on average. But there are many variables that ...
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82 Closing Costs Calculator | Southern Title
https://www.southerntitleonline.com/tools-downloads/real-estate-calculators/closing-costs-calculator/
The closing costs calculator is used for calculating the estimated closing costs for a purchase or refinance. Visit to use Closing costs estimator for free.
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83 No Closing Cost Refinance Program | Family Mortgage Team
https://familyga.com/refinance/no-closing-cost-refinance-program/
No Closing Cost Refinance Program No-cost home financing seems like an idea that's too good to be true. But it's here, and it's waiting for homeowners at.
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84 No-Fee Refinance - Mortgage Loans - Columbia Bank
https://www.columbiabankonline.com/personal-banking/mortgage-loans/no-fee-refinance
Under this program, you don't have to worry about closing costs. We'll cover your appraisal fee, application fee, attorney fee, title fee, settlement, ...
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85 Mortgage 101: Closing costs and fees explained
https://firstohiohome.com/mortgage-101-closing-costs-fees-explained/
Typically, total closing costs range from 2 – 5% of a home's purchase price, although this can vary based on where you live and the property you ...
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86 Refinancing Your House? How a “CEMA” Mortgage Can Help
https://mosheslaw.com/cema-mortgage/
However, with CEMA, the financed closing costs of $8000.00 x 2.05% tax ... bypassing some of the fees associated with normal refinancing.
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87 Closing Costs in California EXPLAINED - RubyHome
https://www.rubyhome.com/blog/closing-costs-california/
Home buyers can expect closing costs in California to average 2% to 3%. There are two types of expenses: one-time (non-recurring) and recurring ...
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88 Refinance Closing: Checklist and What to Expect
https://www.homesforheroes.com/blog/bp-refinance-closing-checklist-what-to-expect/
Here's what to expect from the refinance closing process and a mortgage ... Closing day is also when you'll need to pay any closing costs.
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89 What Are Closing Costs, And How Much Will You Pay?
https://www.mymove.com/moving/buying-selling/closing-costs/
Typically, closing costs on a house are equal to between 2% and 5% of the home's purchase price. However, if you purchase a home with a moderate ...
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90 What are Closing Costs When You Refinance Your home?
https://www.youtube.com/watch?v=xThS1Lm0OJo
The Mortgage Brothers Team
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91 How much will my closing costs be? | Better Mortgage
https://better.com/faq/refinance-loan-costs/how-much-will-my-closing-costs-be
Your exact closing costs will be based on the circumstances of your loan. To give you a general idea — the majority of our loans from the past year had ...
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92 Closing Cost Calculator | Gibson, Kohl & Wolff, P.L. Sarasota FL
https://www.sarasotaclosings.com/closing-cost-calculator/
This program is designed to estimate the closing costs for both the buyer and seller based on a specific ... Discounts apply on most refinance transactions.
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93 Costs of Refinancing in Canada | Penalties and Fees
https://www.ratehub.ca/cost-of-refinancing
› cost-of-refinancing
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94 How Much Are Closing Costs in Louisiana? - Bayou Mortgage
https://bayou-mortgage.com/blog/firsttimehomebuyer/mortgage-closing-costs/
Average Louisiana closing costs for home buyers will typically run from 2%-5% of the total purchase price of the home. More expensive homes will ...
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95 How to tell if refinancing your mortgage will save you money
https://www.cnbc.com/2019/08/06/how-to-tell-if-refinancing-your-mortgage-will-save-you-money.html
In order to secure a lower interest rate, you have to pay closing costs again, which can include bank fees, appraisal fees and attorney fees ...
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96 How Much Will My Closing Costs Be? - Money
https://money.com/collection-post/how-much-will-my-closing-costs-be/
Closing fees average around 2% of the purchase price—on a $200,000 home, that's $4,000—but they can go as high as 5%.
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