When you think of shopping at Costco, what comes to mind? Bulk produce, perhaps, or mega-packs of diapers and enough rib-eyes to feed a small army. But mortgages? Not so much.
Believe it or not, though, you can shop for a mortgage (even jumbo ones) through the big-box wholesaler’s Mortgage Services for Costco Members — a lending marketplace available to Costco members and nonmembers alike.
While you can’t exactly shop for a home loan as you peruse camping gear or flat-screen TVs, you can go online to get rate quotes, contact participating lenders and apply for a purchase or refinance. Costco doesn’t actually sell you a mortgage itself; it connects you with a platform of lenders to choose from.
For Costco members, the major advantage of the program is that the loan origination fees are capped at $350 for Executive members and $650 for Gold Star and Business members. That could be a substantial savings considering that buyers typically pay 1% of the loan amount for loan origination fees.
Let’s take a closer look at Mortgage Services for Costco Members:
AT A GLANCE
- Caps loan origination fees at $350 for Costco Executive members, and $650 for Gold Star and Business members
- Offers conventional (fixed and adjustable-rate loans), FHA, VA, USDA, jumbo, HELOC and refinance loans
- Licensed in all 50 states, Washington D.C., Puerto Rico and the U.S. Virgin Islands
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