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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.
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September 27 2012 - US
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Answers (7)

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.
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February 24
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.
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December 17 2013
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.
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December 16 2013
My experience has been that Costco business alliances do not really offer you the best deal you could find elsewhere. Shop around.
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November 08 2013
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.
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November 08 2013
@User,   What specifically sounds interesting to you about obtaining a financial service as large as a mortgage from a wholesale grocery store?
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September 27 2012
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.
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September 27 2012
 
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