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  • Costco Mortgages available in an Aisle Near You

    Yep.  You can now shop at Costco for just about anything.  True story:  a man ran into Costco for his weekly supply of nutri-grain bars and potato chips in bulk packs, and saw a brochure for Costco’s new Mortgage Lending offering.  He went home, researched it, filled out an application online, and received a few replies from the data base of lenders involved.  He ended up refinancing his 170,000 15-year fixed loan into a 30-year fixed at a lower interest rate, saving him a whopping $500.00 a month on the payment.  All from his need for potato chips!

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    After a year of testing, Costco now offers mortgage and refinancing financial services, as the marketer, for New Jersey based First Choice Bank.  Costco does not make a profit from the borrower either from an origination fee or percentage of loan amount of the lender;  they only make money by offering and marketing the product, however they maintain the rights to oversee the process and have some strict guidelines that participating lenders must adhere to.