Does Costco offer a mortgage and how can I apply for a Costco mortgage?. Costco mortgage is a program offered by Costco that allows Costco members to borrow and compare loans from different lenders. The Costco programs make sure that they provide quality and value to the members. As we all know that purchasing a house can be the most meaningful decision you will make in your life, and participating lenders will help you with it every step of the way. You can always enjoy a streamlined, transparent process from the first point of contact to the moment you receive your house keys. You can shop for a mortgage through the big box wholesaler mortgage program.
The Costco mortgage was established in 2009. For you to apply for the Costco lending platform, plug in your membership information and home buying details. After that, request a rate quote. This platform uses the information to provide you with several offers from the 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. The preapproval letters are usually available within 24 hours of the application within 30 days or 45 days.
Types of Costco Mortgage
The types of the Costco mortgage cannot be compared to other mortgage lenders are they are listed below.
- FHA loans
- VA loans
- Jumbo loans
- Fixed rate loans
- Adjustable rate loans
- Refinances
All of these are the types of Costco mortgage you can decide to choose anytime.
How Does Costco Mortgage Works?
Costco mortgage allows the borrowers to choose from other participating lenders and numerous loan options online. They also advertise daily refinance and purchase rates for a 15-year loan and 30 years once you plug in a few details about what you are looking for. The mortgage rates can change every day. Meanwhile, only the best and most qualified borrowers will be able to receive the best term from them. Once you are on the mortgage website that you want to start and have entered the necessary information. The website will provide you with many interest rates.
How to Apply For Costco Mortgage
A potential borrower can apply for the Costco mortgage with the steps that will be shown below;
- Visit the www.costcofinance.com
- Request for the membership information
- Request for the mortgage details
- Check for the loan you want
- Apply for at least three or four lenders
- Follow the remaining instruction to complete the process
After you have done all this, you have successfully applied for the Costco mortgage.
Note: Costco does not actually sell you a mortgage itself; it connects you with a platform of lenders to choose from. For the Costco members, the main advantage of the program is that loan origination fees are capped at $350 for the executive members and $650 for all other members.