Costco Lender Partners Now Offer Jumbo Mortgages Thanks Costco!They are a direct lender that offers all types of home loans, including conventional stuff backed by Fannie Mae and Freddie Mac, along with government loans like FHA and VA loans.Costco apparently oversees the company (and the other lenders in The Mortgage Program), holding them to rigorous standards to ensure they protect their good name and their own customers, though they don’t endorse them or hold themselves responsible. They have 200 branches nationwide and are licensed in all 50 states.Despite only being around since 2003, they’ve grown exponentially and now have a team of 3000+ employees that produce $14+ billion annually.
![]() Quicken Costco Plus To TheCostco Mortgage RatesRemember, Costco Mortgage doesn’t exist, so that means there aren’t “Costco Mortgage Rates.”Instead, there are mortgage rates offered by lenders participating in The Mortgage Program for Costco.As such, their rates will likely vary from lender to lender, and by unique loan scenario.The good news is you should be able to get quotes from multiple lenders in one go, which is sort of like using a mortgage broker.Then you can compare these rates and determine who to use, knowing they all cap lender fees since they’re part of the Costco program.Just remember to consider lenders outside the Costco program as well to really see where they stand. Closing costs can’t be viewed in a vacuum, we need context. Gold star members pay lender fees of $650 or lessOne plus to the program is that lender fees are capped for Costco members, with Executive Members paying $350 or less and Gold Star Members paying $650 or less.Be sure to compare this to standard lender fees, which can range from zero to a very high number depending on the circumstances.Also look beyond lender fees and consider the mortgage interest rate along with any closing costs charged.While we know there are some potential savings here, it really depends what the interest rate is that goes along with those fees. Executive members only pay lender fees of $350 or less But not third-party costs like appraisal and title/escrow fees![]() ![]() If you don’t shop around elsewhere you won’t know if it’s a good deal or a bad one But I wouldn’t rely on Costco alone to find the perfect home loan Costco is yet another option to consider when searching for a mortgage Should You Use Costco to Get a Mortgage? Steam less gmes for macDon’t cut corners!Getting a mortgage is a big deal, and even a slight change in interest rate can mean thousands in savings or costs over the life of your loan. You should also shop around beyond Costco to make sure you exhaust all lender options.This includes checking out other online lenders, visiting a local bank or two, a credit union, and speaking with a mortgage broker or three. If you’re a Costco member, sure, give them a chance to beat other lenders.But don’t just contact Costco and call it a day. There’s always room to go lower or to go elsewhere.All in all, it appears as if Costco is just another avenue to go down while shopping for a mortgage, which isn’t necessarily a bad thing.I certainly wouldn’t blindly rely on Costco to find you the best mortgage out there.
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