Costco Mortgage Review: What Don’t They Do?

Last updated on May 18th, 2020
Costco Mortgage Review: What Don’t They Do?

Costco, the well-known mega wholesaler that runs a chain of membership warehouses internationally, is rolling out it’s so-called “Mortgage Services” to all customers after a year of initial testing.

The company already offers all types of insurance, a co-branded credit card, RV and boat loans, beer, wine, electronics, not to mention gigantic tubs of mayonnaise.

So what’s the deal here? Why is Costco getting into mortgage? Could it really be that profitable?

Costco Is Marketing Mortgages, Not Making Them

  • Costco isn’t originating mortgages
  • They are simply marketing home loans
  • Via their lending partners
  • To their massive stable of customers

Let me start by saying there is no Costco Mortgage. What Costco’s really doing is marketing a mortgage product on behalf of another company, namely, First Choice Loan Services Inc.

They don’t get paid for the loans that close or receive any sort of loan origination fee.

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Costco is simply partnering with First Choice Loan Services Inc., a Berkshire Bank subsidiary, which is leveraging the warehouse chain’s loyal and enormous customer base.

That means we should be more concerned about who First Choice Loan Services Inc. is, which is the company that’s really doing the mortgage lending here, including taking the loan application and underwriting, processing, and funding it.

First Choice Loan Services Inc., out of East Brunswick, New Jersey, is a baby in terms of years in the banking industry. They also only have branches in a handful of states, despite being licensed nearly everywhere.

They’ve only been around since 2009, but since then they’ve apparently doubled in size and now have a team of nearly 500 employees that produce $2.4 billion annually. Thanks Costco!

They are a direct lender that offers so-called boutique-style mortgage lending with loan production offices in Arizona, Colorado, Florida, Maryland, New Jersey, Pennsylvania, and Texas.

And Costco apparently oversees the company, 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.

Update: CrossCountry Mortgage has acquired First Choice Loan Services Inc.

Costco Partners Now Offer Jumbo Mortgages

  • Early on Costco didn’t offer jumbo loans
  • Which is ironic given the company’s typical offerings
  • But you can now get anything from a conforming loan to a jumbo
  • Or an FHA loan, USDA loan, VA loan, and even a renovation loan

Ironically, when the program first started they only seemed to offer conventional loans, FHA loans, and VA loans.

There was no mention of jumbo loans, despite Costco specializing in all things jumbo, like tubs of mayonnaise.

So if you had a big loan, you’d be out of luck. But times have changed and First Choice now advertises jumbo loans, though it’s unclear if they are true jumbos, or just high-cost agency loans.

Anyway, aside from purchase money mortgages and refinance loans, they also offer renovation loans, including the popular FHA 203k loan and the Fannie Mae HomeStyle Renovation Mortgage.

And according to their most recent Costco Connection newsletter, they’re all about streamline refinances and the HARP 2.0 program for underwater borrowers.

Older Costco members might be interested in their reverse mortgage program as well.

First Choice Loan Services actually oversees a group of preferred lenders, including national depository banks and mortgage bankers, such as CapWest Mortgage, which I’ve already reviewed.

Other participants in the Costco Mortgage program include:

– Bank of Internet USA
– Berkshire Bank
– CapWest Home Loans
– Consumer Direct Mortgage (a division of FirstBank)
– eRates Mortgage
– J.G. Wentworth Home Lending, LLC
– NBKC Bank
– PennyMac Loan Services, LLC

Costco Mortgage Works Like Zillow Mortgage Marketplace

  • It’s more of a lead acquisition program
  • Than it is a home loan lending program
  • Costco is just playing matchmaker
  • Like they do with most products they don’t offer directly

In a way, the Costco Mortgage program works kind of like the Zillow Mortgage Marketplace.

Costco members enter in their personal details, including property and loan information, and are then presented with a number of mortgage rate quotes.

But borrower information will only be shared with participating lenders if you actually request a rate quote, which allows for some anonymity.

If you do happen to like one of the rate quotes, your lender fees will also be discounted because Costco caps them.

In terms of financing options, Costco has nothing to do with what is and isn’t offered. They don’t set the minimum down payment or get involved with any other underwriting guidelines.

The same goes for mortgage rates – Costco doesn’t set them or have anything to do with them.

As noted, they simply let lenders advertise their loan products to their client base.

Costco Mortgage Fees Are Capped

  • Costco provides reduced lender fees for its members
  • Which includes things like application, underwriting, and processing
  • But not third-party costs like appraisal and title/escrow fees
  • Executive members only pay lender fees of $350 or less
  • Gold star members pay lender fees of $650 or less

One 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.

So we know there are some potential savings there, but it really depends what the interest rate is that goes along with those fees. Closing costs can’t be viewed in a vacuum, we need context.

Should You Use Costco to Get a Mortgage?

  • Costco is yet another option to consider
  • But I wouldn’t rely on Costco alone to find you the perfect home loan
  • If you don’t shop around elsewhere
  • You won’t know if it’s a good deal or a bad one

There was also one thing that stood out to me in the fine print that I didn’t love.

This is actually no longer on their website, but at one point they noted that lenders are “held to very strict pricing and fee standards which limit their ability to negotiate a lower fee or rate.”

To me that tells customers they should just accept the rate they’re given because it’s already rock bottom.

Regardless, I always recommend negotiating your mortgage rate, no matter how good or low it might be. There’s always room to go lower.

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. More options are always good.

I certainly wouldn’t rely on Costco to find you the best mortgage out there though. You should also shop around beyond Costco to make sure you exhaust all 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. Don’t cut corners!

Getting a mortgage is a big deal, and even a slight change in rate can mean thousands in savings or costs over the life of your loan.

Read more: What mortgage rate can I expect?

(photo: greenwenvy08)


  1. Tom May 21, 2012 at 10:46 am -

    I am an executive member. Can this Costco sevice be used to see how much we can be pre qualified for?

  2. Colin Robertson May 21, 2012 at 1:13 pm -

    Unfortunately, their purchase mortgage form seems to want to know the purchase price of the home, along with your down payment. So you kind of have to know what you can afford before they spit out their lender info.

    That said, you may want to get pre-qualified with a bank or a broker first, then run your numbers through Costco when you comparison shop.

  3. Joe June 13, 2012 at 4:06 pm -

    It is an awesome serivce . I have been an RE broker for 14 Yrs. I would highly recommend it. I just closed a jumbo with them they were great. Rates were competitive, but the fee was awesome (only $500 origination ) you can,t beat it.

  4. Bill W. July 25, 2012 at 9:05 pm -

    I recently closed on a Jumbo loan with Bank of Internet. Their service was great and they are actually a Jumbo focused lender.

  5. Art Serros September 11, 2012 at 10:23 pm -

    I would like to know who doe’s harp loans?

  6. Betty October 8, 2012 at 6:37 pm -

    I just closed with Farmer’s Bank through Costco. That went great. They told me Fannie Mae would find a servicer…. there lies the problem. They moved me to Central Mortgage Company and they have awful reviews. I am especially concerned about the comments regarding forced insurance purchases when the customer’s insurance company sent a dec to the bank. I guess I’ll have to wait and see.

  7. chuckanw November 20, 2012 at 4:37 pm -

    My problem is that while they are held down on loan origination fees, they back load the loan with $1000 – $2500 with overpriced services and they claim they won’t know until closing. B.S. Now I am confused. Can someone help me with this conundrum?

  8. Dan December 12, 2012 at 12:12 pm -

    I’ve been trying to get a loan using RMC Vanguard thru the Costco deal and its been a nightmare. Still no closing after 3 1/2 months. It would have been worth the little extra money to have just gone thru my Bank and dealt with competent adults. I thought we cleared underwriting 6 weeks ago and then yesterday I was told to provide more documentation for underwriting to “review”. I never would have gone with RMC Vanguard if they hadn’t been one of the few recommended by Costco. They obviously don’t vet the companies very well.

  9. KH January 3, 2013 at 3:06 pm -

    Costco provided us with the worst mortgage experience EVER! Our Costco loan was through First Century Bank. There were delays (promised 30 day close – almost 60), lack of communication, high pressure to produce documents immediately – which we did and then had long periods of nothing.

    The loan documents arrived 30 minutes before the scheduled closing time – although the closing agent didn’t show until 4 hours later (after we made numerous calls).

    The loan agent used high-pressure tactics to get us to go through with the closing and let it fund – if we didn’t close that day our interest rate would go up, we had a contractual obligation. I was told any mistakes would be corrected such as escrow charges excessive (all of my taxes and insurance, plus monthly charges plus $4500) and incorrect (charging twice for 2012 taxes).

    The loan agent LIED and said I could have escrow removed once the loan closed, funded and went to the new servicing bank (my loan was actually sold immediately and new company won’t remove escrow).

    We weren’t supposed to have a December payment (loan closed Nov) my old mortgage company didn’t receive notification and pulled December payment – we hope to receive a refund in January.

    Then, our 1st new loan payment (Jan) was sent to First Century (per closing documents) and yesterday we received notice from new mortgage owner requesting the January payment. I called and they informed me that they need the first payment and it is my responsibility to get it from First Century. The hours for First Century and new mortgage company 9-5 M-F with no online account support.

    I wish we would have used my bank and paid the extra few bucks – the Costco savings was less than nothing considering the time, effort, aggravation and excessive escrow funds we had to put in and keep putting in.

  10. DM January 4, 2013 at 6:55 pm -

    I just completed a refinance through the Costco site and had NO problems. After the initial offers we chose First Choice Mortgage. I was a little concerned at first to work with a person located in California when I am in Virginia but it actually worked out good with the time difference I could call or send things later in the evening and they were still in. We worked with Walter Brimm and he was excellent. He answered all calls and emails promptly and was very patient with my questions.

    I also thought the fees looked higher when I initially saw the estimates, but when I asked if I was getting the correct discount for being a Costco member he went through the Good Faith estimate line by line with me and explained it all, including lender credits that made the closing costs come out to what I expected.

    Anyway, locked on November 19 and closed Dec. 21.
    Very pleased with the service.

  11. Ken January 7, 2013 at 11:16 am -

    Just received my closing docs from Wyndham, it seems as if they missed the $600 or less lender fee promised by Costco. In fact if the appraisal fee is included the overall fees after formation of the taxes, insurance and impounds included interest (always paid in arrears) in loan docs is paid in advance. Can you help with a review?

  12. Jeff March 15, 2013 at 10:52 pm -

    I just refinanced my home and two rentals with Costco and picked Wyndham Capital out of North Carolina. I am in California, and was very happy with the service I received. I had a banker named Brian Taylor. He explained all the things a borrower needs and wants to know to understand every fee and credit, etc. It took me about 3 weeks to get to singing! I love how they answered any question within minutes. Even call backs on weekends! They would not do jumbos though, so I still have a second mortgage to deal with, but if your loan is under $417,000 go for Costco! Disclosure… I have no connection to Costco or Wyndham. I am just a really happy person who just had a great refinance experience, which is rare! My last previous was with US Bank, and it was an absolute nightmare. Terrible experience with US Bank. 3 month process almost! Good Luck, Jeff

  13. uncle ricky April 19, 2013 at 7:33 pm -

    IM having a Terrible experience with costco program vendor is bank of internet the lender ..bait and switch tactics ..they ..said it would close in 30 days…they took a appraisal deposit up front which im disputing ..its been 2 months 15 different representives .underwriting wants over 1000 document they wont lock in rates ..poor service ..misrepresenting at start .asking for ridiculous personal communication with me …as bad as Chase bank or worse ..still havnt got loan..good luck to anybody with many corporations ,cash in bank ,excellent credit and a house worth much more than loan amount requested should be a simple refinance….under $195,000…watch out for this program and Bank of Internet lender…Im NOT a Happie Camper…Uncle rickie ..

  14. Vic May 1, 2013 at 7:03 am -

    Costco refi took 6 weeks. Currently doing a refi with WF and its been 6 months.

  15. Roland July 2, 2013 at 8:43 am -

    I tried Costco, but none of their lenders could beat the rates at my local credit union, even with the reduced fees for members.

  16. Missy August 7, 2013 at 3:42 pm -

    We went with WestStar Mortgage, one of Costco’s lenders, and they were GREAT! Moved quickly, bent over backwards to get info we needed, and was truly concerned about helping us get the best deal out there. When we sent them a comparison GFE, from another bank, they matched or beat the numbers and helped walk us through everything. Would use them again, hands down. Excellent service and rates.

  17. Colin Robertson August 7, 2013 at 7:11 pm -

    Glad to hear your experience went well. I suppose one of the issues with Costco’s mortgage program is that they have more than one partner, so experiences will vary depending on which lender a borrower chooses.

  18. Loraine Rejman August 13, 2013 at 10:11 am -

    Per Costco’s website we went with First Century Bank, what a HUGE mistake. We started the end of May, it is now the middle of August and they are STILL requesting information. The third month bank receipts, pay-stubs, 1099’s for the last 2 years( faxed 3 times already—it’s not like they change) and more information about my pension company.. I really feel like we have been dragged over the coals… I NOW HAVE HUGE DOUBTS IF FIRST CENTURY CAN HANDLE MORTGAGE PAYMENTS…then what do we do?

  19. Colin Robertson August 13, 2013 at 11:19 am -

    This highlights the problem with Costco vouching for multiple mortgage lenders. If one in the bunch is bad, it sours their reputation. It’s hard enough to partner with one good company…if they can’t get it done, it might be time to look elsewhere.

  20. Rakesh Agrawal August 31, 2013 at 1:13 pm -

    I had worst experience of my life with COSTCO partner RMC Vanguard. Agent I was working with was super nice. I had excellent credit score.I was pre-qualified and provided all the documents they asked for and more. Still they kept asking for more. They promised the loan closing any day but no approval past 30 days. Finally after 5 weeks two days before the closing day when I still did not get approval of the loan, I had to make quick sale of my investments taking loss and finally ended up closing as cash transaction. I will never deal, work or recommend RMC Vanguard to any one.

  21. Mary Murillo November 1, 2013 at 10:27 am -

    I had an absolute SUPERB experience with Sterling Bank, one of the Costco mortgage options. I re-financed both my mortgages and decided to go with Sterling as opposed to a broker. They promise exceptional customer service & they deliver! I worked with one loan officer from start to finish and each re-fi closed in under 3 weeks. The service was the by far the best I’ve ever had and the cost-savings was a bonus. Highly recommend Jeff White at Sterling Bank!

  22. Emily November 8, 2013 at 10:28 am -

    I went to the Costco financial service site and entered my information. I kid you not that as soon as I hit enter my phone started ringing off the hook. Four days later I am still getting about four calls a day. The first ten minutes I answered the phone and mortgage brokers were calling on my call waiting. It has been awful. I have no idea how to make it stop. I would never ever use this service based on this experience. The rates were no better than I found online. Luckily I gave my home number instead of my cell. Never again.

  23. Colin Robertson November 8, 2013 at 11:15 am -

    Ouch…this is exactly why a lot of mortgage lead companies, such as Zillow and LendingTree, are going the anonymous route nowadays. You can shop freely without getting bombarded because lenders can’t see your personal information until you decide to make contact.

  24. Patricia Thompson December 9, 2013 at 5:45 pm -

    We just closed on our mortgage with Bank of Internet, in La Jolla, Ca. Our home is located in Ft. Pierce, Fl. It has taken 36 days and we were pre-approved. Now, 2 days later they stated the mortgage wasn’t funded. Why not? Many excuses and demanding of documents. It is a very bad company. Don’t do anything with them. We are thinking about ending our Costco membership because of this mess. I’d think twice before you go to Costco for a mortgage.

  25. Malacca February 4, 2014 at 9:30 pm -

    Bank of Internet – AVOID!

    Costco’s promise of $550 origination fee – Bull Shit. I LOVE Costco but they need to vet these banks before making promises.


    I entered my info on Costco’s mortgage website and got a few calls from various banks – all had the same rate.

    I chose Bank of Internet (BOFI) as their fees were the lowest (they gave the highest lender credit). They said I would get certain amount of lender credit – received a clear prelim GFE clearly stating their fees and an estimate of title and prepaids. The salesperson was great.- responsive and knew how to communicate.

    I was pre-approved based on the initial information I sent them – W2’s, bank statements, etc. My income is high, cost of house low, and my credit very good.

    Then it went to a loan processor. And it went to hell.

    She is completely disorganized and can’t understand basic financial documents. As typical, I had to resend documents several times. It dragged on and on.

    They would send a list of needed documents. I send them. Then another “new” list a week or two later. Luckily the seller is patient.

    Never received a correct GFE. Each time it had a mistake. Then a week or two later another incorrect GFE.

    The day before the supposed 45 day deadline I receive a new request for completely new documents – a mile long. No way to complete it in time. Some documents have to come from my employer – takes time. Turns out these are basic documents needed for a mortgage – but they waited to the last minute to ask for them.

    Finally after a few months I am supposedly provisionally approved (but another long list of documents needed).

    FInally I get a GFE. Amazingly their bank fees are 4X higher than promised. Forget Costco’s promise.

    As you can see in other reviews, they like to drag the process out and then stick it to you with exorbitant fees. Of course you have to agree to it – or you will lose your dream house.

    So I will go through the process again – with another bank. Should be quick as I have all of the needed paperwork ready.

  26. sotia Teing April 16, 2014 at 11:24 am -

    I had bad experience with Sterling bank last year. The loan officer in Oregon screw up my rate. He didn’t lock my rate when he pre approve my loan. I hope Costco remove Sterling bank from the list.

  27. Jason Esposito June 5, 2014 at 3:41 pm -

    FYI…Weststar Mortgage, Inc. won Costco’s 2013 award for Operational Excellence. I am a loan officer with them, and have over 19 years of experience. If you would like to receive excellent customer service, and get the Costco discounted rates and fees please give me a call at 561-245-2229.

  28. Rich June 19, 2014 at 11:10 am -

    We went through Costco for our last mortgage and had major problems. From what I can determine, Costco’s portal goes through Affinity Partnerships, then to First Choice Loans and then to the mortgage brokers.
    I’m attempting to determine if Costco gets compensated for their mortgage advertising and their portal. Reading their financial statements, I can find nothing showing income or losses of Costco Financial Services, yet their involved in mortgages, auto sales, and insurance.
    Please let me know what you find out.

  29. Colin Robertson June 19, 2014 at 11:12 am -

    Interesting observation Rich. They aren’t working for free, that’s for sure. It’s got to be in the financials somewhere…

  30. Danette Jolly July 3, 2014 at 7:14 am -

    Using Weststar Mortgage Inc thru Costco. The fees are low but they appear to have a very carefully planned BAIT AND SWITCH in place. Things ran behind at the last minute (short week due to 4th of July holiday, back log with underwriters, etc) and so the loan isn’t to close on Monday as expected. That’s where they comeback with a huge fee to extend the rate lock. BUYER BEWARE! I would never use again nor recommend them. I have used Fremont Bank in the past and will use them from here on. Never had such an issue before.

  31. Peter Jolly July 10, 2014 at 8:35 am -

    I have been working with WestStar to try to resolve the issue listed above and produced a string of emails with Amy confirming actions needed, etc. They are suppose to be driving this bus and they obviously were looking the other way!! $750 is an outrageous fee to change to extend a rate lock that they missed. There is a lot of mortgage competition out there and I would definitely use someone else. I will be bending Costco’s ear also as they are a source that people trust but not this time.

  32. Peter Jolly July 10, 2014 at 8:49 am -

    Update, they agreed to split the fee with me and I appreciate that.

  33. Harpreet Narula August 9, 2014 at 8:03 am -

    I got my mortgage from First Choice Home Loans, Costco Preferred Lender. I had multiple equivalent options, but chose First Choice just based on the fact that it is Costco’s Preferred Lender, but regret my decision. They were able to provide the loan BUT

    – They didn’t provide accurate closing cost till the last minute, literally. I had to sign the paper by 5PM and received the information at 4:15PM. I tried to call the Agent from the car while reviewing the details while driving but certainly he won’t respond now (for the initial 30 days he was very responsive). Now add to the fact that the Agent told me 3 days before closing date that we are all set and we could close earlier if desired. I lost $350 because they didn’t disclose the details in advance. The profit went to Bank’s pockets.

    – As I said, I took the loan. Their Servicing department sucks even more. You can already try that — call at the phone number listed on their website and it will go to Voice Mail directly stating to leave a voice message. I tried at least 10 times and went to voice message every time (Yes, many times I called during their meagre working hours).

    – Emailed the servicing department: 10 days and still counting, no response.

    – Today is 40th day after house was closed. So far, no welcome message, no information on how to make monthly payment (I made payment based on information provided by Title company). They sold the loan to a different company and no message letting be know that. I received letter from the company who bought my loan and wondering if its true or not. Where should I make my mortgage payment?

  34. Andrea Ouderkerken September 10, 2014 at 4:01 pm -

    We started a loan process three weeks ago and I can not get a call back, one was promised last Thurs. and now it is Wed. I do not call this good business.

  35. Jason Esposito September 13, 2014 at 11:37 am -

    The Costco platform is a great platform to shop and compare rates. The mortgage process is definitely more difficult now due to the added regulations. Weststar Mortgage, Inc is proud to be a part of this platform. I have 19 years of experience and would love the opportunity to discuss your mortgage needs. Please call me, Jason L Esposito, on my direct number 561-245-2229. I will provide you with the attention and expertize you deserve.

  36. Steve Youcantspellit April 17, 2015 at 1:51 pm -

    Literally, 5 seconds after clicking “submit” my phone rang. Caller ID showed the name of a city and not the ID of the caller. This practice is known as “spoofing.” DO NOT PROVIDE CONFIDENTIAL PERSONAL INFORMATION TO ANYONE EMPLOYING THIS TACTIC. DO. NOT.

  37. Rosie May 13, 2015 at 4:40 am -

    We just received a letter dated May 4, 2015 stating that National Bank of Kansas City (Refi through Costco Finance) has sold my refi loan to Central Loan Administration & Reporting. We just signed the papers on April 29, 2015 and the payoff was made to my former lender on May 4, 2015. I was wondering why my loan officer Greg Ramirez wanted me to fill out a review so quickly; now knowing this I’m glad I did not type a review on the refi process with National Bank of Kansas City. We have excellent credit to just sit back and experience this greed and bad business deal that National Bank of Kansas City made with Central Loan Administration & Reporting. Reviews on Central Loan Administration & Reporting is bad and people are talking about a class action suit against the servicer. How is that National bank of Kansas City even associated with Central Loan Administration & Reporting.

  38. Lou Saunders June 2, 2015 at 12:32 pm -

    I was just about to call Costco Mortgage on refinancing BUT after reading some of these comments, I became scared. and changed my mind.
    How can Costco do this to their customers ?

  39. Mike June 6, 2015 at 1:24 pm -

    go to zillow and read all the bad reviews on First Choice through Costco. I would never use them now.

  40. RODOLFO CAMACHO July 7, 2015 at 8:12 am -

    I applied for refinance and qualified for 3.75 and $290 closing fee as Executive member. There are other typical fees such as appraisal and escrow fees.

    I was assigned to Weststar Mortgage, Inc. My initial contact was with Ty Nuottila. He is very smooth promises you the world and then hands you off to some minion to shuffle the paperwork. In my case it was Shane Shockley.

    As it turned out Ty Nuottila is the type of person that if shake his hand, you better count your fingers afterward.

    The Costco funnel to this well orchestrated “den of thieves” begins to unfold as the loan mysteriously takes longer than expected. Therefore your rate lock expires. They give you every conceivable reason for the delay. It sounded like an old “Saturday Night Live” show.

    When the final paperwork arrived it was at 4% and close to $1,000 in points to receive a lower mortgage interest rate. Nothing was ever said about the interest rate going up and the new buy down fees.

    This is classic “Bait and Switch”. Here the mortgage lender has breached its fiduciary obligation to me. The mortgage company has a fiduciary duty that includes a requirement that the mortgage broker place my economic interests ahead of his own economic interest.

    You can be assured that I will be filing complaints with State regulatory agencies alleging :Misrepresentation of mortgage product, unfair business practices and many more consumer causes of action.

    I am also filing complaints with the ALL Federal agencies that oversee mortgage brokers, lenders and banks.


    This may be an appropriate case alleging Civil RICO violations. (RICO) “Racketeer Influenced and Corrupt Organizations Act”

    A word to Costco, take a hard look at the slime that is representing you.

  41. Anita July 8, 2015 at 6:40 am -

    I wouldn’t bother with these Costco-related banks. Apparently there are trained monkeys processing these loans and anything requiring complex thought is beyond them. Don’t waste your time.

  42. boogati August 1, 2015 at 10:21 pm -

    Costco is doing a bad job holding these companies to any quality standard. My story is the same as all the others, misrepresentation, lies, etc. Loan failed, even though they pre-approved me means nothing. Had to force information from them. VA home loan failed.

    I can not express enough to stay away from these clowns…Costco is slipping and should remove this service for lack of quality. This service is a joke. Horrible VA loan experience, same as everyone else.

  43. Randy August 12, 2015 at 12:31 pm -

    Weststar Mortgage (now J.D. Wentworth) was awful experience. They pre-approve easily, but then find a lot of things wrong with your application for the final approval. After making me wait two weeks past my original close date, they denied me. They didn’t like that some of my debts were recently paid off to adjust my DIR. Ridiculous, cost me $1900.00 between fees and earnest deposit. The underwriter rejects approval, solely when she is confused (this evidently happens often) and the processor, Shane Shockley is ignorant, cowardly, and has trouble listening.

  44. Sara October 12, 2015 at 12:26 am -

    Well, darn! I was going to try the Costco financing service, but everyone (but Sterling) got such bad reviews! Not worth the (possible) discount if there’s a greater chance you’ll actually just get scammed. Costco needs to monitor these lenders, and drop the shady ones. Bummer! I was super excited until I read all these bad reviews. And I’ve always trusted/loved the deals/products/services I got through Costco! :(

  45. Julia May 11, 2016 at 1:07 pm -

    Costco’s mortgage service is surprisingly great. Very happy how it went with us. We were contacted by 3 lenders of our choice, and ultimately decided on NBKC Bank. They have a solid online reputation after googling them and had a great rate. Wasn’t disappointed! Good job Costco!

  46. richardflores August 21, 2016 at 2:02 pm -

    do you finance mobile home

  47. Mira September 14, 2016 at 11:33 am -

    If you’re not in a hurry, Costco mortgage service may be a good alternative. The rates are low but the customer service is poor. A Lot of requests for the same documents that were already submitted months ago. I have tried both CapWest and NBKC Bank. CapWest refinance took four months to close with a lot of follow up on my end. I’m into month three with NBKC and they just asked me for another document relating to my HOA. Will never use Costco mortgage services again.

  48. Judy November 22, 2016 at 6:49 pm -

    Highly recommend finding another reliable source for a refi. We started one July 20 and it is now 4 months later. The broker we used Homebridge is always saying they are waiting for something to clear?? Called current mortgages only to find out proper paperwork has never been submitted. Never a straight answer. Started another loan somewhere else. When we ask For LE docs they say they are locked and can’t send . Moving on

  49. Carolyn A Jackson April 3, 2017 at 12:53 am -

    Costco wake up! Look at what is happening as a result of someone not paying attention to what these lenders are doing. You may loose customers shopping at Costco, because their mortgage is to costly to shop at Costco

    WAKE UP!

  50. Jason October 24, 2017 at 3:43 pm -

    Where Wells Fargo shines, is where most lenders fail and that is in the Jumbo mortgage market. This market includes loan amounts from $424,200 to $53 million. We have a 10.01% down program up to a $1.389 million purchase price, with no PMI at rates lower than most companies 30 year fixed. This program is great for the savvy buyer, and requires pretty good credit and good debt to income ratios. We offer a “Rate Reducer Option” which is a one-time 0.375% reduction of the mortgage loan interest rate and a re-amortization of the monthly payment if the customer pays down the loan to value to 80.00% or less within 180 days of mortgage loan origination. There are also relationship banking discounts available.
    • Loan must be 30 year fixed only.
    • Purchase transactions only.
    My promise is to be proactive with updates, and to close ON TIME!
    Please call or email me anytime you have questions, including nights and weekends!
    954-817-0999 mobile
    Jason L Esposito
    Equal Housing Lender
    NMLSR #308764

  51. RG March 7, 2018 at 9:28 am -

    Same thing happened to my loan with this company. I called Costco Head quarters and put in a complaint. I was refunded for my appraisal and inspection fee along with a inconvenience fee $1800.

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