Table of Content
Some lenders may offer a fully digital mortgage application experience, while others offer a more hands-on approach. Some are likely to have physical branches where you can talk to a loan officer face to face, and others are only online. Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions.
Past customers have raved about the program online, so it’s worth checking if it could save you money. Costco’s Mortgage Program lets you check multiple loan quotes and get a feel for the type of home loans you may qualify for. Costco members get a break on lender fees, which could be enough to make this loan program worth it for you. Still, it’s a good idea to evaluate these offers alongside others to make sure you’re getting the best deal.
How to Shop Around to Get the Best Mortgage Rate
We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. NASB has high credit score requirements than most lenders, and their process is 100% online. They don’t have physical offices, so you must be comfortable with handling the loan process online or over the phone with a loan officer.
Shopping for the best product is a smart way to approach any major financial decision. Because many lenders participate in the program, the most common mortgage types are well-covered, including FHA loans and VA loans. Some less-common mortgage programs are available as well, like USDA loans and non-QM loans. Instead, there are mortgage rates offered by lenders participating in The Mortgage Program for Costco.
How are the refinance rates through the Mortgage Program for Costco members?
Costco members can enjoy a limit of $350 or less on origination fees, depending on membership level. Another free lender marketplace is LendingTree, offering access to over 1,500 lenders. But unlike Costco, LendingTree shares your info with those lenders to contact you. Potentially, this could lead to an email inbox full of lender spam long after you’ve chosen who you want to originate your mortgage. Kim Pinnelli is a Senior Writer, Editor, & Product Analyst with a Bachelor’s Degree in Finance from the University of Illinois at Chicago. She has been a professional financial writer for over 15 years, and has appeared in a myriad of industry leading financial media outlets.
Yes, we ran into some obstacles, but Strong worked with us in an honest way and everything worked out great. Choose from up to four lenders within the marketplace. Streamline your mortgage from quote to final payment — all from your computer or phone. Finder makes money from featured partners, but editorial opinions are our own. Since Costco members save significantly on the lender costs.
The Mortgage Program for Costco Members Reviews
Working with an adviser may come with potential downsides such as payment of fees . There are no guarantees that working with an adviser will yield positive returns. The existence of a fiduciary duty does not prevent the rise of potential conflicts of interest.
Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Opinions expressed therein are solely those of the reviewer. The information, including rates and fees, presented in the review is accurate as of the date of the review. A potential borrower can start by going to , and filling out the short "Membership Information" and "Mortgage Details" forms. This information allows Costco to display mortgage rate and payment estimates from potential lender matches. The agent did a good job, honest and best suggestion for us to choose on the locked-in rate.
Costco reviews and complaints
Therefore, this compensation may impact how, where and in what order products appear within listing categories. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. To apply for a mortgage, you’ll need to head to the Costco finance lending platform, plug in your membership information and homebuying details, and request a rate quote. The platform uses the information to provide you with several offers from participating lenders. You can compare up to four lenders, and with your permission, representatives from the companies will contact you. From there, you can compare loan details, select a lender, and apply for a home loan.
One of the benefits of using Costco Mortgage is the savings you’ll get on the fees. This includes all fees lenders may charge, including underwriting, processing, and application fees. Costco requests that you purchase a membership in order to place an order which I did. I received an email instead telling me that my order was declined.
Closing costs can’t be viewed in a vacuum, we need context. So if you needed a big home loan, you’d be out of luck. But times have changed and CrossCountry now advertises jumbo loans up to $5 million dollar loan amounts. CrossCountry actually oversees a group of preferred lenders, including national depository banks and mortgage bankers, such as NASB Home Loans and Consumer Direct Mortgage. Our experts have been helping you master your money for over four decades.
And they’re all about streamline refinances, such as the FHA streamline refinance and the VA IRRRL refinance. The lender is essentially leveraging the warehouse chain’s loyal and enormous customer base. What Costco’s really doing is marketing a mortgage product on behalf of another company, formerly First Choice Loan Services Inc., and now CrossCountry Mortgage. Costco, the well-known mega wholesaler that runs a chain of membership warehouses internationally, rolled out it’s so-called “Mortgage Services” back in 2011. You must check the box to agree to the terms and conditions.
Costco doesn't actually sell you a mortgage itself; it connects you with a platform of lenders to choose from. Aim for a 620-credit score and a DTI of 43% or less, but still, apply if you don’t meet those requirements. The benefit of the higher credit score and lower debt ratio is lower fees and interest rates, but some lenders have unique programs that may cater to you too.
Costco is a warehouse-style store that sells everything from lawn furniture to bulk groceries and jumbo packs of household goods. Now you can also shop for a home loan through the company’s Mortgage Program, which is available for members and nonmembers nationwide. Because Costco Mortgage is a marketplace made up of a variety of lenders, NerdWallet has not assigned it an overall lender star rating.
You only need to play around with the rate tool for five minutes to see that the offers are extremely competitive. The $250 to $550 cap on the loan origination fee for Costco members is icing on the cake. Other lenders charge a lender fee equal to 2% to 3% of the loan amount. Costco's platform makes it easy to play around with credit score and down-payment size to see how those factors can affect your rate and payment amount. If you know, for example, that your credit score is on the cusp between two ranges, you might want to improve your credit enough to lower your rate before you apply for a loan.
