The mortgage lending program that was a benefit for Costco shoppers has ended.
As of May 1, Costco customers are no longer able to add a mortgage application to their checkout list, according to Costco’s website.
While the big box store is known for bulk item shopping, it is also loved for unique perks such as discounted gas, RV sales, identity protection, and it even acted as a middleman between customers and lending institutions.
Among the services offered were purchasing, refinancing and home equity loans. Costco also offered shoppers an easy-to-use comparison tool and caps on lender fees.
Nerdwallet reviewed Costco’s mortgage lender marketplace and published this as the bottom line: “Costco’s lending marketplace is open to all, but only members get discounts on lending fees.” However, because Costco only offers a marketplace, Nerdwallet did not assign Costco an overall lender star rating.
Some of the lenders Costco affiliated with were Box Home Loans, CrossCountry Mortgage, Lending.com and Mutual of Omaha Mortgage.
Members should not contact Costco with questions regarding their mortgage applications, though, the retailer said.
“Members with questions regarding their current mortgage application and loan should contact the lender they have been working with,” says a post on Costco’s website. “Please see the list of lenders and phone numbers where they can be reached.”
Costco did not say why it ended this membership benefit.
Read More:Costco announces it is ending its mortgage marketplace
2022-05-11 19:29:53
