Table of Content
- A look at Costco mortgage products
- How to apply for a mortgage with Costco
- Frequently asked questions
- Breakdown of Costco Mortgage Program overall review score
- Roof Damage: Here's What Homeowners Insurance Covers, and What It Doesn't
- With Rates Still Under 3%, the Refinance Window Is Still Open. Ask These Two Questions Before You Act
Closing costs can’t be viewed in a vacuum, we need context. So if you needed a big home loan, you’d be out of luck. But times have changed and CrossCountry now advertises jumbo loans up to $5 million dollar loan amounts. CrossCountry actually oversees a group of preferred lenders, including national depository banks and mortgage bankers, such as NASB Home Loans and Consumer Direct Mortgage. Our experts have been helping you master your money for over four decades.
If you’re a Costco member, sure, give them a chance to beat other lenders. Be sure to check out the reviews of the lender partner you eventually consider to see where they stand. That is an excellent rating, and a generally good sign that customers are happy with the lenders Costco has partnered with.
A look at Costco mortgage products
We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service. Better Mortgage is also an online lender, but they focus on their ability to close your loan in 32 days or less, which is faster than most Costco Mortgage partners.
It’s hard to compare Costco Mortgage to other mortgage companies because Costco doesn’t originate loans themselves. That said, it does connect you with a number of lenders, so if what you’re looking to do is shop for the best offer available for you, Costco may be a good choice. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers.
How to apply for a mortgage with Costco
Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.
Borrowers looking for a conventional loan typically need a credit score of at least 620, a down payment of 3%, and a debt-to-income ratio of 43% or lower. For FHA loans, the credit score requirement drops to 500 or 580, depending how much you can put down. One of the best mortgage experiences I've had in my 73 years. The referral from Costco was as easy as clicking a box. The lender we selected, Strong Home Mortgage, was excellent. They were highly competent and efficient, and very customer oriented.
Frequently asked questions
Yes, we ran into some obstacles, but Strong worked with us in an honest way and everything worked out great. Choose from up to four lenders within the marketplace. Streamline your mortgage from quote to final payment — all from your computer or phone. Finder makes money from featured partners, but editorial opinions are our own. Since Costco members save significantly on the lender costs.
You have to complete individual applications and jump through each lender’s hoops when you shop around yourself. The $250 fees are reserved for Costco executive members. If you’re a ‘standard’ Costco member or not a member, you may still find savings as the mortgage fees are capped at $550. Kimberly is a career writer and editor with more than 30 years' experience. She's a bankruptcy survivor, small business owner, and homeschool parent. The origination fee is capped at $250 for Costco Executive members and $550 for Costco Gold Star members.
Breakdown of Costco Mortgage Program overall review score
On Trustpilot, The Mortgage Program for Costco Members currently has a 4.8-star rating out of 5 based on nearly 4,000 customer reviews. As such, their rates will likely vary from lender to lender, and by unique loan scenario. As noted, they simply let CrossCountry Mortgage and other lenders advertise their loan products to their client base. Older Costco members (62+ years of age) might be interested in their reverse mortgage program as well. There was no mention of jumbo loans, despite Costco specializing in all things jumbo, like massive tubs of mayonnaise. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.
You’ll get multiple offers and from there you can select which one you want to move forward with. If you happen to like their rates, your lender fees will also be discounted because Costco caps them. At Bankrate we strive to help you make smarter financial decisions. While we adhere to stricteditorial integrity, this post may contain references to products from our partners.
Also look beyond lender fees and consider the mortgage interest rate along with any closing costs charged. The Costco Mortgage Program advertises daily refinance and purchase rates for 15-year loans and 30-year loans once you plug in a few details about what you’re looking for. These rates can change every day, and only the most qualified borrowers will receive the best terms. According to a disclaimer on the Costco Mortgage Program website, its lenders may not be able to provide jumbo purchase and refinance loans at this time.
SmartAsset Advisors, LLC ("SmartAsset"), a wholly owned subsidiary of Financial Insight Technology, is registered with the U.S. Securities and Exchange Commission as an investment adviser. The steps after that will depend on the lender you selec. Generally, though, you’ll get pre approval based on your costs and score. Once you find a home, you’ll complete your application, have the loan underwritten and complete the sale. As noted, they work with a handful of lenders, so you may want to check out their reviews separately as well.
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