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 $250 or less — potentially saving hundreds up front.
Varies by loan type and/or lender
Minimum credit score
Minimum down payment (Conventional)
Available in all states
|Loan products offered||Conventional, Jumbo, FHA, VA, USDA, Refinance|
|Minimum credit score||Varies by loan type and/or lender|
|Minimum down payment (Conventional)||3.5%|
|State availability||Available in all states|
Our take on Costco mortgage
Costco mortgage services, aka The Mortgage Program for Costco Members, is a program provided by CrossCountry Mortgage, LLC and other participating lenders. The way it works is, you submit some basic information on the Costco website and choose up to four lenders at a time to extend offers to you.
The Costco mortgage program might be ideal if you’re a Costco member looking to compare quotes from a range of lenders. If you’re a Costco Gold Star or Executive member, you’ll definitely benefit from the cap on origination fees that may save you hundreds. Past customers have raved about the program online, so it’s worth checking if it could save you money.
The program could also save you time by allowing you to compare up to four lenders at once. But you can’t get detailed information about the terms on the products offered without providing your contact info. Up to four different lenders could contact you using prerecorded telemarketing calls and text messages.
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 Star 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.
- Go to the Costco mortgage services page.
- Select See current rates.
- When a pop-up informs you that you’re going to an external site, select Visit external link.
- 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.
- View your rate options to compare from up to four lenders.
- Follow up with the lender of your choice.
What types of mortgages can I get through Costco?
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 August 2021, the mortgage program for Costco members uses the following lenders:
- Box Home Loans
- Consumer Direct Mortgage
- CrossCountry Mortgage
- Intercontinental Capital Group
- Mutual of Omaha Mortgage
- NASB Home Loans
- NBKC Bank
- Strong Home Mortgage
Alternatives to the Costco mortgage program
Costco’s cap on lender fees makes it stand out among other lender marketplaces, but you have to pay an annual fee to maintain membership status.
If you’d rather use a free program, Credible offers a similar service with four major lenders but doesn’t provide rate quotes for government-backed loans, such as FHA, VA or USDA mortgages.
Another free lender marketplace is LendingTree, offering access to over 1,500 lenders. But unlike Costco, LendingTree shares your info with those lenders to contact you. Potentially, this could lead to an email inbox full of lender spam long after you’ve chosen who you want to originate your mortgage.
You also have the choice to contact individual lenders on your own, by comparison shopping for your specific mortgage needs. Start with the table below by selecting See rates to provide the company with basic property and financial details for personalized rates.
Disclaimer: The partners on Finder's mortgage comparison tables are sorted in alphabetical order.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Here’s what we learned from: John Alexander
Director of the mortgage program for Costco members
Director of the mortgage program for Costco members
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 (BBB) as of August 2021, Costco isn’t accredited. It also has an average rating of 1.48 out of 5 stars across 222 customer reviews and has closed 629 customer complaints over the last three years, but only one complaint in the last 12 months. Most negative reviews center around Costco.com purchases and poor customer service experiences.
Trustpilot has a separate reviews page for the Costco mortgage program with 6,779 reviews. The marketplace has a TrustScore of 4.7 out of 5 stars, with the vast majority of reviewers giving the program an Excellent rating.
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 for each if you’re curious about other customer experiences.
- No upfront terms. While you can check your rate, terms aren’t available ahead of time, and neither are loan limits.
- Membership required. You have to be a Costco member to use this marketplace, which requires an annual fee, and to get the cap on lender fees requires more expensive member fees.
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.