Credible
Get Rates
  • Refinance Student Loans
    • Compare Options
      • Best Refinancing Companies
      • Lender Reviews
      • Refinance Student Loans
      • Student Loan Consolidation
    • Learn the Basics
      • Fixed vs. Variable Rates
      • Forgiveness Programs
      • Consolidation vs Refinancing
      • Repayment Plans
      • More on Student Refi
    • How to
      • Consolidate Your Student Loans
      • Pay Off Your Student Loans
      • Lower Your Interest Rate
    • Tools
      • Current Student Loan Refi Rates
      • Refinancing Calculator
      • Repayment Calculator
  • Student Loans
    • Compare Options
      • Best Private Student Loans
      • Lender Reviews
      • Private Student Loans
      • Parent Student Loans
    • Learn the Basics
      • Student Loan Limits
      • Living Expenses
      • Applying for FAFSA
      • Federal Student Loans
      • Student Loan Interest Rates
      • More on Student Loans
    • How to
      • Pay for College
      • Take Out Student Loans
      • Apply Without Cosigner
      • Apply for Student Loans
      • Pay for Grad School
    • Tools
      • Current Student Loan Rates
      • Student Loan Interest Calculator
  • Personal Loans
    • Compare Options
      • Best Personal Loan Lenders
      • Lender Reviews
      • Get Personal Loan Rates
    • Learn the Basics
      • How to Qualify
      • How to Get a Loan
      • Where to Get a Loan
      • Personal Loans with Cosigner
      • Pay Off Credit Card Debt
      • More on Personal Loans
    • Best for
      • Credit Card Consolidation
      • Debt Consolidation Loans
      • Home Improvement Loans
      • Good Credit
      • Fair Credit
      • Bad Credit
    • Tools
      • Current Personal Loan Rates
      • Personal Loan Calculator
  • Mortgages
    • Compare Options
      • Mortgage Refinance
      • Home Loans
      • Best Mortgage Refinance Lenders
      • Best Mortgage Lenders
      • Mortgage Preapproval
      • Mortgage Payment Calculator
    • Compare Rates
      • Mortgage Refinance Rates
      • 30-Year Fixed Refinance Rates
      • 15-Year Fixed Refinance Rates
      • Home Loan Rates
      • 15-Year Fixed Mortgage Rates
      • 30-Year Fixed Mortgage Rates
    • Learn the Basics
      • How to Buy a House
      • Why You Should Refinance
      • How to Refinance Your Mortgage
      • How to Get the Best Rate
      • Cash-Out Refinancing
      • More on Home Loans & Refi
    • Pay Off Mortgage
      • Home Equity to Pay Off Debt
      • Paying Off Mortgage Early
      • Mortgage Refinance Cost
  • Company
    • About
    • Reviews
    • Blog
    • Lenders
    • Editorial Guidelines
    • FAQs
    • Press
  • Find My Rate
Advertiser Disclosure

Costco Mortgage Review

Costco’s mortgage program offers member discounts and lets you compare rates from seven different lenders.

Daria Uhlig Daria Uhlig Edited by Chris Jennings Updated May 12, 2022

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."

You’re probably familiar with Costco warehouse stores, which offer bargain prices on products in many categories. But Costco also offers discounted home, health, and business services.

These services include purchase and refinance mortgage loans through The Mortgage Program for Costco Members. But Costco isn’t the lender. Rather, it provides a platform where you can compare loan rates and terms from their partner mortgage lenders.

As is the case with most of its warehouse products, Costco’s service offerings are only available to members.

So, if you need a mortgage and you’re already a member (or considering becoming one), find out if Costco’s mortgage program is right for you:

  • Costco mortgage overview
  • Costco mortgage purchase review
  • Costco mortgage refinancing review
  • How Costco can improve

Costco mortgage overview

CostcoFinance.com is operated by CrossCountry Mortgage, which is also one of The Mortgage Program’s partners. Anyone can use the platform to compare home loans and find a lender, but lender-fee discounts are only available to Costco members. Executive Members won’t pay more than $350 in lender origination fees, and Gold Star Members won’t pay more than $650. Third-party fees are extra.

Costco mortgage reviews on Trustpilot are very positive. Total savings are one factor customers like because they could save money in two ways:

  1. Getting preferred rates from competing mortgage lenders
  2. By saving money on lender fees

Costco mortgage purchase review

Best for:

  • Costco members
  • Prospective Costco members who will save enough on their loans to justify the membership fee
  • Internet-savvy homebuyers

The types of mortgage loans available through Costco’s mortgage program include fixed- and adjustable-rate:

  • Conventional mortgages
  • Jumbo loans
  • FHA loans
  • Veterans Affairs loans

Once you enter your contact information and other details on The Mortgage Program’s homepage on CostcoFinance.com, you’ll be able to see a list of loans.

In addition to showing you mortgage rates and annual percentage rates, you’ll see:

  • Expected monthly payment
  • Origination fee
  • A star rating compiled from surveys of recent customers

If you find a lender you want to move forward with, you can select them and then request quotes. But keep in mind that quotes aren’t guaranteed.

Looking for rates in three minutes? Credible allows you to compare actual prequalified rates from multiple lenders — not just rate quotes — in just three minutes.

Credible makes getting a mortgage easy

  • Instant streamlined pre-approval: It only takes 3 minutes to see if you qualify for an instant streamlined pre-approval letter, without affecting your credit.
  • We keep your data private: Compare rates from multiple lenders without your data being sold or getting spammed.
  • A modern approach to mortgages: Complete your mortgage online with bank integrations and automatic updates. Talk to a loan officer only if you want to.

Find Rates Now

Trustpilot

Check Out: How to Get a Mortgage Pre-Approval

Costco mortgage refinancing review

Best for:

  • Homeowners looking for a cash-out refinance
  • Homeowners who could save money with a lower rate or shorter term
  • Homeowners with high-interest debt they’d like to consolidate

Costco’s lending partners offer standard mortgage refinance loans — conventional, jumbo, VA, and FHA — resulting in a new first mortgage. You can use these loans to reduce your interest rate, reduce or lengthen the term of your current loan, or switch into a fixed-rate or adjustable-rate loan.

What about other refinancing and equity options? If you’re considering a home equity loan or home equity line of credit, you might be disappointed to learn that Costco’s mortgage program doesn’t offer one. But it does offer cash-out refinance loans. Assuming you have enough equity, you can draw out cash when you refinance into a new first mortgage.

Find Out: Cash-Out Refinance: How It Works and When to Get One

Although Costco’s mortgage program isn’t one of our partners, you can still compare mortgage refinance rates on Credible from our partner lenders in the table below — and it only takes a few minutes.

Find Out: How to Refinance Your Mortgage in 6 Easy Steps

How Costco can improve

Most Costco home mortgage reviews on Trustpilot rave about the program’s value and the hassle-free experience the platform provides. But neutral and negative reviews center around some common issues.

So, here are some of the ways Costco can improve:

  • Improve search results: When we searched, the results that came back were not all the loans that meet the search criteria we entered. A complete list of qualifying loans is the reason members use the site, so we should see a complete list when searching.
  • Make loan information more clear: Although the Mortgage Program site addresses the issue of being caught off-guard by closing costs, some reviewers reported having trouble finding fee and loan servicing information. This could lead to unrealistic borrower expectations.

Compare multiple lenders first

The ability to compare multiple lenders is a mark in Costco’s favor, but the downside is that you’re essentially on your own once you’ve selected one.

Credible not only makes it easy to compare any of our partner lenders in the table below, but we’ll be with you every step of the way if you need help. You can do all your comparisons, plus your application and processing, without leaving our platform.

About the author
Daria Uhlig
Daria Uhlig

Daria Uhlig is a contributor to Credible who covers mortgage and real estate. Her work has appeared in publications like The Motley Fool, USA Today, MSN Money, CNBC, and Yahoo! Finance.

Read More

Home » All » Mortgage Lender Reviews » Costco Mortgage Review

Mortgage Lender Reviews:
  • AmeriSave
  • Bank of America
  • Better Mortgage
  • Caliber
  • Carrington Mortgage Services
  • Chase
  • Cornerstone Home Lending
  • Costco
  • Fairway Independent Mortgage
  • Flagstar Bank
  • Guaranteed Rate
  • loanDepot
  • New American Funding
  • Northpointe Bank
  • Quicken Loans
  • Rocket Mortgage
  • Sebonic Financial
  • SoFi
  • Stearns
  • United Wholesale Mortgage
  • U.S. Bank
  • Veterans United
  • Wells Fargo
Compare Options:
  • Home Loans
  • Home Loan Rates
  • Mortgage Refinance
  • Mortgage Refinance Rates
  • Best Mortgage Lenders
  • Best Mortgage Refinance Companies
  • Click to share on Facebook (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Twitter (Opens in new window)
  • Click to email a link to a friend (Opens in new window)
  • Read More
    • Refi Student Loans
    • In School Loans
    • Personal Loans
    • Mortgages
  • Resources
    • Lender Reviews
    • Calculators
    • Data Insights
    • Debt Statistics
    • Sitemap
  • Compare
    • Student Loan Refinance
      • Current Student Refi Rates
    • Student Loan Consolidation
    • Private Student Loans
      • Current Student Loan Rates
    • Personal Loans
      • Current Personal Loan Rates
    • Refinance Mortgage
    • Mortgage Refinance Rates
    • 30-Year Fixed Refinance Rates
    • 15-Year Fixed Refinance Rates
    • Home Loans
    • Home Loan Rates
    • 15-Year Fixed Mortgage Rates
    • 30-Year Fixed Mortgage Rates
  • Top Lenders
    • Best Student Loan Refi Companies
    • Best Private Student Loans
    • Best Personal Loans
    • Best Mortgage Lenders
    • Best Mortgage Refinance Companies
  • Company
    • About
    • Reviews
    • Blog
    • Editorial Staff
    • Editorial Guidelines
    • News
    • Press
  • Legal
    • Terms of Use
    • Privacy Policy

© 2023 Credible


Credible Operations, Inc. NMLS ID# 1681276 | NMLS Consumer Access | Licenses and Disclosures
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Discover Student Loans Disclosure

The interest rates depicted on Credible represent the APR. The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable Margin percentage. The margin is based on your credit evaluation at the time of application and does not change. For variable interest rate loans, the 3-Month LIBOR is 2.375% as of July 1, 2018. Discover Student Loans will adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of The Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. Please visit http://www.discover.com/student-loans/interest-rates.html for more information about interest rates.

Citizens Bank Disclosures

Student Loan Rate Disclosure

Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of July 1, 2018, the one-month LIBOR rate is 2.10%. Variable interest rates range from 4.07%-12.04% (4.07%-11.94% APR) and will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 5.25%-12.19% (5.25% – 12.09% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown requires application with a cosigner, are for eligible applicants, require a 5-year repayment term, borrower making scheduled payments while in school and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of the loan.

Citizens Bank - Refi - Disclosures

Education Refinance Loan Rate Disclosure:

Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of July 1, 2018, the one-month LIBOR rate is 2.10%. Variable interest rates range from 2.75%-8.20% (2.75%-8.20% APR) and will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 3.50%-8.69% (3.50% – 8.69% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown require application with a cosigner, are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan.