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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!
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.