Profile picture for user3262557

Has anyone used the Costco site to obtain a new/refinance mortgage loan?

We are looking to refinance and take cash out.  We're interested in a couple of the lenders; however, I'm reading some things on the web that make me a little leery.  It would be helpful to know if you dealt with a particular lender...and what your experience has been.  Thanks.
  • September 27 2012 - US
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Answers (9)

Profile picture for elai2blas
Just did a loan doing a cadh out refinance with one of Costco loan brokers, Craig Koean with West Star Mortgage. Very happy with the service and got a good intrest rate. Closing costs were really good with the discount from Costco.
  • October 07
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Profile picture for harpreet narula
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?
  • August 09
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Profile picture for jeremy harley
The warehouse club retailer Costco announced that it was moving a pilot program offering mortgages to members up to full-time status. It isn't the first foray of a major retailer into the mortgage business. Sears, according to Daily Finance, used to offer home loans through the Sears Mortgage Banking Corp, though the chain sold the subsidiary in 1993 to PNC Bank.
  • February 24
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It's the same as applying on LendingTree. Your info will be given to 4-5 lenders usually and they will call, and call, and call, and call, and, well you get the point. Ignoring the calls will do nothing. One fun thing I tell my borrowers is to tell them you are moving to Canada or you just started your own knitting company last month and that is your only source of income. This is after you've already selected a lender you are comfortable with of course.
  • December 17 2013
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Profile picture for eniales1
Their fees are lower! Rates are regulated so everyone has about the same, the variable is in the fees.Capitol 1 also has a good deal.
  • December 16 2013
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My experience has been that Costco business alliances do not really offer you the best deal you could find elsewhere. Shop around.
  • November 08 2013
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Profile picture for EmilyDR
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.
  • November 08 2013
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@User,   What specifically sounds interesting to you about obtaining a financial service as large as a mortgage from a wholesale grocery store?
  • September 27 2012
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Check out the lenders you are interested in by putting their name followed by  " complaints" in Google and also look up their BBB report. Going through Costco is really no different than using something like Lending Tree, in the end you are simply working with 1 Lender or Broker.
  • September 27 2012
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