Costco Mortgage Loans And Rates Review

by admin on April 6, 2011

Costco Mortgage Loans

Do you ever experience with Costco’s mortgage loan program? If no, then you may read through this Costco mortgage review. Many people may think that Costco is a shopping center just like Wal-Mart and how could a shopping center offer mortgage loan program to consumers? However it is true that Costco does offers such mortgage loan to consumers. Costco financial members are scrutiny selected from a chosen 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 really recommended for you to choose their mortgage service. If you ever used their mortgage loan services, you are going to feel quite pleased to deal with them as the fee structure they offering you can be quite fantastic.

costco mortgage loan

One thing that you may be weary of is that you will electronically going their 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 and that’s your lender. But you’re never need 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 gone with the lowest rate.

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.

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 quotes of mortgage loan that way.

costco mortgage rates

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 in which 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 promised 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 answered all the questions that she has without any frustration showed. The best thing is that the banker even call her back just a few days after the previous meet up and said her mortgage is already in process!

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 costco.com 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 home loan review is useful for you.

Related Posts Plugin for WordPress, Blogger...

{ 17 comments… read them below or add one }

Lori Fines September 18, 2011 at 6:05 am

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.

Paula Ballesteros January 3, 2012 at 5:50 pm

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

Suarawu Amuda June 1, 2012 at 3:35 am

Need to better undertand Cotsco refinance program

Garik June 4, 2012 at 10:14 pm

DO NOT REFINANCE THROUGH COSTCO!

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!

Joe make June 13, 2012 at 11:11 pm

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.

Nezamuddin October 11, 2012 at 2:38 pm

Hi.
I want to discuss to a representative about refinance and mortgage reduction program.
Thanks

Jonathan November 12, 2012 at 5:10 pm

The time has changed right now. Except for pawn shops,
most are been provided online as well as in individual. The rates are
high in unsecured personal loans.

Http://Deasy20.Sosblogs.Com April 8, 2013 at 4:22 am

What i don’t realize is actually how you are no longer actually much more well-appreciated than you may be now. You’re very intelligent.
You recognize therefore significantly when it comes to this subject, produced
me personally consider it from numerous various angles. Its
like women and men are not fascinated unless it is one thing to accomplish with Woman gaga!

Your personal stuffs nice. At all times maintain it up!

click2mp3.bravesites.com May 5, 2013 at 5:50 pm

Hello there! Would you mind if I share your blog with my zynga group?
There’s a lot of folks that I think would really enjoy your content. Please let me know. Thanks

admin May 6, 2013 at 8:38 am

Ya, sure.

Hannah May 19, 2013 at 6:27 am

In some instances, lenders will usually ask you to
visit them personally either to take money in an easy manner without undergoing any difficulty
and it would heal with all of your cash needs.
Usually, long term bad credit lenders are granted to
US borrowers who attained above 18 years of age. In that case, you take the loan amount on the maturity date the money owed is
withdrawn from the same account electronically.

small loans for bad credit June 10, 2013 at 10:25 pm

Short term loans charge high rates of interest,
but because of their short pay back window, the total amount that you just settle is under it could seem.
In short term loans, the client is just not needed to place a very good thing as collateral against the
amount of the loan.

secured loans June 15, 2013 at 9:22 am

McDonnell should have to deal with some mess, and
actually pass the money to the right next governor. Either from or possibly office you possibly
can apply for lent money with the of computer.

loan modification June 30, 2013 at 2:30 pm

You can avail payday loans without any troubles. We all distinguish that
the cost effective situation is exhausting lately and end result you must become more cautious from finances, specially sufficient
reason for debts.

reisebloggo.de July 8, 2013 at 11:09 pm

It is good to understand they will becoming there just just in case
you haven’t saved the required or have took too many will require on your pocketed cash. Personalize it as necessary, outlining your own individual needs.

http://kandilawl.sportsblogg.se/ August 7, 2013 at 6:05 am

Refunding will also presumably not be very difficult as it are usually automatically deducted coming from the bank account.
One specific payday cash financial loan is a short-term financial instrument why is available on your upcoming revenue.

Alannah May 30, 2014 at 4:27 pm

I leave a response when I appreciate a post on a site or I have something to contribute to the conversation. Usually it’s triggered by the passion displayed in the article I
looked at. And after this article Costco Mortgage Loans And Rates Review.

I was excited enough to drop a comment ;) I actually do have 2 questions for you if you usually do not
mind. Could it be only me or does it look as if like some of these remarks appear like they are coming from brain dead folks?
:-P And, if you are writing on additional online social sites, I’d like to keep
up with anything fresh you have to post. Could you make a list every one of all your public pages like your Facebook
page, twitter feed, or linkedin profile?

Leave a Comment

{ 1 trackback }

Previous post:

Next post: