If you’re a Costco Member, you’re already aware of the tremendous savings that membership offers. However, did you know that Costco can even help you save on your mortgage? Costco has partnered with First Choice Loan Services, Inc., and now members can search for a loan or mortgage through Costco! Here are five reasons why it pays to be a Costco member when looking for a mortgage.
Fees
If you’re looking at getting a mortgage, chances are you’ve already heard of lender fees. “Lender fee” is the blanket term for a fee that mortgage lenders charge, and can include anything from application fees to underwriting fees. It’s easy for lender fees to be hundreds or even thousands of dollars. Luckily, if you’re a Costco member and get a loan through Costco’s Mortgage Services, you don’t have to worry about insane lender fees. Lender fees are capped, so they won’t exceed $350 for Executive members or $650 for all other Costco members. That’s already one way that Costco can save you money!
Accessibility
Anyone who has even thought about the mortgage progress can easily be overwhelmed by it. Contacting various banks and financial institutions to get the best deal can seem daunting and intimidating. Luckily, by searching for a mortgage through Costco, potential borrowers can receive offers within moments. Furthermore, your loan requests and personal information will only be shared with the lenders that you select. Costco helps keep the mortgage process simple by allowing lenders to bring the mortgage offers to you.
Support
If you need further help with Costco’s online form, or if you have any questions, you can easily contact Member Support by either phone or email. Want to get on the phone and talk it out? No problem. Would you prefer to write out your thoughts and questions and get an emailed response? That works too! Costco’s Member Support is there to serve!
Savings
Let’s be honest – Costco is all about the savings! And mortgages found through Costco are no different. As of August 2017, Executive members could save approximately $6,909 over the life of their mortgage. That’s over 2,000 cups of coffee, or almost 500 movie tickets! Just think about all the things you could do with those savings. Lenders who work with Costco can offer exclusive discounts to Costco members, and those discounts can save big bucks!
Promotions
When you’re a Costco member, you can occasionally discover other deals and promotions when looking for a mortgage. For example, members who applied for a loan in August 2017 and who closed during or before March 2018 could receive a $100 Visa gift card. There’s nothing better than having an extra hundred bucks in your pocket, so why not take advantage of any current promotions going on?
Between the capped lender fees, the special promotions, and the exclusive savings, it certainly pays to be a Costco member when it comes to mortgages! Take advantage of all the deals and start looking for a loan today.
