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Costco mortgage review

Explore a marketplace of loan options and special member discounts — but your fees depend on your membership.

Costco members already enjoy discounts on groceries, electronics and clothes. But now you can take your membership even further by using its mortgage program. Depending on your membership, lender fees could be limited to $350 or less — potentially saving hundreds up front.

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Loan products offeredConventional, Jumbo, FHA, VA, USDA, Refinance
Minimum credit scoreVaries by loan type and/or lender
State availabilityAvailable in all states

Costco requirements

Because the Costco marketplace hosts a range of providers, the requirements vary based on which you choose to work with. Credit score, debt-to-income ratio and other measures of financial health can affect your approval chances, but you won’t know how until you’re matched with a lender.


Depending on your situation and the lender you end up with, you may need some or all of the following documents:

  • State or federal ID, such as a driver’s license or passport
  • Most recent pay stubs
  • W-2 or I-9 tax forms from the past two years
  • Tax returns from the past two years
  • Bank account statements
  • Other asset statements
  • Proof of rental payments

Costs and fees

You don’t have to pay anything to use the mortgage program for Costco members — you don’t even have to be a member to use the marketplace. But each lender has fees associated with taking out a mortgage. And to qualify for a cap on those fees, you’ll need a Costco membership.

Some typical fees you’ll likely encounter when you take out a mortgage include:

    • Origination. The loan officer or broker that helps you get your mortgage is paid this commission.
    • Underwriting. Fee associated with your full application and submitted documents being processed and assessed.
    • Third-party. Surveys, title searches and appraisals all come with fees that aren’t charged by the lender, but still fall on the buyer to pay.
    • Ongoing. Once you start paying the mortgage, keep an eye out for incidental fees that can occur, such as late or returned payment fees.

Lender fee limits

Part of the mortgage program’s benefit is that you can qualify for a cap on lender fees. The limit on lender fees depends on your membership level.

      • Gold Members. Fees limited to $650.
      • Executive Members. Fees limited to $350.

How to apply for a mortgage with Costco

To use the Costco mortgage program, you need to follow a few steps.

      1. Go to the Costco mortgage services page.
      2. Select See current rates.
      3. When a pop-up informs you that you’re going to an external site, select Visit external link.
      4. Fill out the form with your loan purpose, Costco membership number if you have one, estimated credit score, personal information and loan information, then select See my results.
      5. View your rate options to compare from up to four lenders.
      6. Follow up with the lender of your choice.

What types of mortgages can I get through Costco?

  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo
This company accepts mortgage refinance applications.

Note on jumbo loans: Many lenders have stopped offering Jumbo loans due to the coronavirus pandemic, and those who still do are changing the requirements. So, if you’re searching for a Jumbo loan, check in with the lenders to make sure you can get the loan you need.

Note on USDA loans: While Costco doesn’t mention USDA loans on its website, you may be able to finance a USDA loan through one of the lenders associated with the mortgage program.

Which lenders does Costco work with?

As of November 2020, the mortgage program for Costco members uses the following lenders:

  • Consumer Direct Mortgage
  • CrossCountry Mortgage
  • NASB Home Loans
  • NBKC Bank
  • Mutual of Omaha Mortgage
  • Strong Home Mortgage

How Costco’s mortgage products compare to other lenders

Costco’s program doesn’t offer products on its own but rather a connection to a marketplace of lenders. The mortgage products you will have access to are as varied as the lenders.

That doesn’t mean the program itself has no special perks. While you don’t have to be a Costco member to use the service, Gold and Executive members can earn a cap on their lender’s fees.

Compare mortgage lenders and brokers

Compare these lenders and lender marketplaces by the type of home loan you're searching for, state availability and minimum credit score (for a conventional loan). Select See rates to provide the company with basic property and financial details for personalized rates.
Name Product Loan products offered State availability Min. credit score
(NMLS #1429243)
Conventional, Jumbo, Refinance
Preapproval in minutes and closing in as little as 3 weeks with no origination fees.
(NMLS #1121636)
Conventional, Home equity, Refinance
Not available in: HI, MO, NM, NY, WV
No hidden fees, multiple loan terms, and member discounts available.
Rocket Mortgage
(NMLS #3030)
Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
Available in all states
Streamline your mortgage from quote to final payment — all from your computer or phone.
(NMLS #330511)
Conventional, Jumbo, FHA, Refinance
Not available in: HI, MA, MN, NV, NH, VT, VA
Online preapproval in minutes and no origination fees with this direct lender.
(NMLS #1136)
Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance
Available in all states
Connect with vetted home loan lenders quickly through this online marketplace.

Compare up to 4 providers

Ready to compare lenders?
View mortgage, refinance and home equity rates from multiple lenders and apply online.

Need help? Talk to a customer specialist


Here’s what we learned from: John Alexander

John Alexander, Director of The Mortgage Program for Costco Members

John Alexander
Director of the mortgage program for Costco members

This mortgage program is designed to provide exclusive benefits to Costco members. We make sure members get the best of all worlds: great rates, low fees and extremely high levels of service.

Whether it be a primary residence, an investment property or a vacation home, we’re there to ensure that homebuyers get the best value possible.

Costco reviews and complaints

While it holds an A+ rating with the Better Business Bureau as of November 2020, Costco isn’t accredited. It also has an average rating of 1.48 out of 5 stars across 153 customer reviews.

Most negative reviews center around purchases and poor customer service experiences. Keep in mind that people are more likely to leave negative reviews than positive, and that your experience may vary.

Given Costco functions as an intermediary, it’s not the main contact you will have when you apply with a lender through its mortgage program. That said, if the program has you considering a Costco membership, it’s good to know what kind of service you can expect.

Pros and cons of Costco

More points to consider:


  • Origination fee cap. Costco members can enjoy a limit of $350 or less on origination fees, depending on membership level.
  • Multiple lenders. Choose from up to four lenders within the marketplace.
  • Online process. Start the process online with only a few pieces of information to get prequalified.


  • Experience may vary. Since you can end up with one of several lenders, you’ll have to check independent reviews of each if you’re curious about other customer experiences.
  • No upfront terms. While you can check your rate, there aren’t general ranges available to check ahead of time without submitting your name, phone number and email.
  • Loan amount limits aren’t easily accessible. Terms aren’t available ahead of time, and neither are loan limits.

What is Costco?

Costco is a wholesale warehouse store that sells many items in bulk at discounts to its members. Headquartered in Issaquah, Washington, Costco’s first warehouse opened in 1983 in Seattle, Washington and now has locations worldwide.

Frequently asked questions

Which lender will I work with when I apply through Costco?

Once you provide your loan and personal information, you’re matched with up to four lenders. From there, choose which lender you want to work with — if any.

Am I required to follow up with a lender if I check my rates?

No, you’re not locked into working with any one lender when you do your initial rate check.

Can I get an FHA loan through the mortgage program for Costco members?

Yes, you can apply for an FHA loan through the mortgage program for Costco members and get the benefit of the lender fee cap.

Review by

Rhys Subitch is the loans editor at Finder, guiding Americans toward smart borrowing decisions. With over half a decade of experience researching, editing and writing for a Fortune 500 company, university and several independent publications, Rhys brings readers the most up-to-date and curated info in the lending sphere. They make frequent appearances on Finder's YouTube channel to talk through loan topics that range from the very basics to the latest government assistance programs. Before specializing in lending, Rhys was a personal finance writer for Finder’s credit cards, insurance, banking and mortgage verticals. They hold a BA in sociology and a certificate in editing from the University of Washington, Seattle.

Expert review

If you’re a Costco member, you’ll definitely benefit from the $350 cap on origination fees that may save you hundreds. The program can also save you time, allowing you to compare up to four lenders at once. But you can’t get information about the terms of the offered mortgage loans without providing your contact info, which opens you up to being contacted by up to four different lenders.

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