Costco Mortgage Review On Various Aspects


Do you ever experience with Costco’s mortgage loan program? If not, then you may read through this Costco mortgage review. Many people may think that Costco is a shopping center just like Wal-Mart that sell merchandises and groceries. Most of the people are wondering how could a shopping center offer mortgage loan program to consumers?

costco mortgage review

However it is true that Costco does offers such mortgage loan to consumers. Costco financial members are scrutiny in selecting a group of top notch nationwide mortgage lenders that offering competitive interest rate, excellent service and low processing fees to their valuable customers.

Costco Mortgage Loans With Reliable Lenders

Since Costco is teamed with reputable mortgage lenders, it is no doubt that the retailing giant can offer its consumers the right mortgage services. If you ever used their mortgage loan services, you will be pleased to deal with them as the fee structure they offering you can be quite fantastic.

One thing that you may be weary of is that you will electronically going through a mortgage broker who is only working with selected lenders. For more detail on this, you can actually look into their website for the FAQ section. The mortgage broker is going to pair you with a lender that offering the mortgage that suit your need. But it is not required for you to discuss to anyone regarding your specific situation.

Costco Mortgage Loan Scenario

Lets say if you want to refinance for a 15 year fixed mortgage, you may get quoted for a 3.5% rate with fees around $2800 -3000 by two brokers. And then come the Costco mortgage that could offer you the same mortgage term, but with a better deal for you which is a 3.75% rate with fees of $1200. If you get the loan, you will be paying a few dollars extra each month, but will benefit from a lower amount of the loan and end up saving you money. Therefore, without for you to talk to anyone personally, you’d have just good to go with the lowest rate.

costco mortgage rates

If you are having doubt of why you need to apply mortgage loan from Costco instead of direct go to legitimate mortgage company? Then you can do a quick check on the fees and rates that offered by other mortgage bankers. You may find out that Costco can offer you with lower rate since they are dealing with their own money and therefore they do not need to pay any fee to any middle man like a broker does.

Research and Compare on the Rate

If you are a Costco member and you are looking into getting a mortgage loan from them, you can do some research by yourself. What you can do is you can first do a rate comparison. If you figure out the rates that offered by Costco is rather higher compare to other mortgage lenders, then you may want to apply from the lender instead of Costco. Else if you find the rate that offered by Costco is quite competitive, then you can just submitting a loan request and getting a quote accordingly.

From the feedback of some consumers who been applied for Costco’s mortgage loan, most of them are satisfied with the terms and rates that being offered. Some been applied for all 4 mortgage loans that advertised on Costco site but end up only received one offer.

Costco Mortgage Loan For Executive Member

Costco does advertise on their website claiming those Executive Member are going to entitle for a $100 cash card within 4-6 weeks after closure. But most Executive Members are receiving their $100 cash card in within 1-2 weeks time.

In case you are Executive Member and do not receive any cash card, you may try to contact the Costco’s Lending Tree. Sometime this can happen due to the technical aberration that will prevent your mortgage from being properly recorded to trigger the cash card. Once the problem is sorted out, Costco normally will promise you with immediate action. You may expect to receive your cash card very soon once all the issues been cleared.

Even though typically most consumers are having pleasant experience to deal with Costco, but some may have the feeling as though Costco not really coping well with Lending Tree to set up a good system for issuing cash cards. If you are having the cash card issue as well, it is encourage that you also making complain to Costco. Since more consumers complain will accumulate the power to alert Costco for their mortgage flaw and they need to rectify it immediately.

Good Experience with Costco

Many of them who are refinanced their houses with the Costco mortgage were extremely satisfied with the service that they got. They claimed Costco is having a lot of experience and competent bankers who can explained all the things and issues a borrower needs to know upfront prior for them to make the final decision on signing any document.

As a friend of mine said she really appreciate as the Costco banker is willing to explain to her in order for her to understand all the fees and credits that she may overlooked. She just can’t believe that they do answer all the questions that she has without any frustration showed. The best thing is that the banker even calls her back just a few days after the previous meet up and said her mortgage is already in process!

Final Words on Costco Mortgage Review

Overall, the rates and fees of Costco mortgage loan tend to be lower if compare to conventional lending companies or banks. If you want to get more information on what you need to pay for the Lender Fees, it is better for you to visit to and do a search for mortgage. Furthermore, for the Executive Members Lender Fees charged normally won’t be more than $600 for each mortgage loan. And the Lender Fees charged to Business and Gold Star Members won’t be more than $750 for each mortgage loan. Finally, what you need to bear in mind is that any Third Party Fees aren’t subject to the limits. Hopefully you will find this Costco mortgage review is useful for you.

You may also get the rates calculator from here to do your own calculation and then make your decision on getting the best option that you can get.
Costco Finance


  1. Tried to refinance my investor property through Bank of Internet via Costco. They are very unorganized with the information they requested from me for the loan. There were more than one person asking for the same information. The agent accused me of not saying the property was in trust, which I did, so now it will cost extra to switch finance institutions that does trusts. You also have to take in consideration the time difference in getting information and responses. Be ready to do most of the work for them. It takes awhile inbetween responses because the agent is only the middle person who is asking for the underwriter. They will ask what they need and you have to fax, email, or mail.

    Information asked for by the agent is sent via email and is not very clear as to what the information is for so that I am getting the right information for them. They do not respond if they got the information or they have a question about it until days later. According to BOI, my property did not meet “Fanny Mae’s requirements”.

    There is a loophole where the Management company of my property is not required to monitor the occupany percentage of the condo units but Fanny Mae will not approve without it. So I lost out on paying for the report and lost the prepayment cost to Costco. I was also told I will not be able to refinance with any bank without this requirement. I was told no one will refinance my loan because of the insufficient report from the Property management company.

    If they only lead with that information first and (even when I told the agent my property was in trust) make sure the mortgage company they select to handle my loan works with trusts before having the customer waste their time and money, then I could have avoided all the other payments. This could be their lack of knowledge in refinancjng investment properties which is what, I as a customer, was trusting Costco to provide when I went through them for refinancing my mortgage. Never again and will tell others not to use Costco too.

  2. […] this costco mortgage review to understand regarding the different loans and costco mortgage rates offered by this financial […]

  3. I just think that this is one of the best article being written about Costco mortgage. I always admire the way Costco doing business.


    you will end up dealing with metlife that will take every possible dollar from you, and mess with your payments endlessly!!! I regret going this direction!

  5. I just closed my 500k loan with them. They were awesome. The interest rate was lowest and origination fee was the lowest ($500). You cannot beat it plus Costco will back it’s members. They forgot to lock my rate so I called and got Costco to force them to lock it.

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