Anyone go through Costco for home mortgages?

HappyDaze · ‎06-13-2012

I know they have different lenders but just wondering if the experience was good or frustrating? TIA

patbz · ‎03-10-2010

Yes, I got our refi thru Costco three years ago. Almost all the preliminary work was done over the phone or email; for the final signing a representative came to our rural home. The most interesting part is that the loan was immediately sold to Wells Fargo (I had previously contacted them and the quoted rate was higher than the 3% APR fifteen year loan I got thru Costco). This was the easiest refi I have done.

Pearlee · ‎06-11-2011

@HappyDaze I didn't but started to go through them when I bought my new car - they were supposed to get you the best price at the dealers if you went through all the hoops to do it. Not! I got a much better price from the dealer I ultimately bought my car from.

Costco subcontracts this stuff out and whoever was doing the new car deals ended up keeping all my Costco info as well as my membership number! I had to then go through a lot of hoops to get my info and esp. my memvership number deleted from that system. Not worth the hassle! I did better on my own. Oh, and yes, there were then the tons of followup telephone calls from the Costco-connected dealerships I hadn't bought my car from still trying to sell me a car. Never going through Costco again. They "farm" it out - it's not really Costo anyway.

HappyDaze · ‎06-13-2012

@patbz thank you!

@Pearlee yeah, I didn't like that you had to click a box which basically allowed any of the several lenders to contact you any way and any time they like before you could proceed. I know how that goes when you try to stop all the marketing and what a hassle that is so I don't want to have to deal with that.

patbz · ‎03-10-2010

I didn't get a lot of calls from other lenders and, because I always pay extra towards principle, I have paid down my mortgage by 88k in three years (and yes, the end is in sight). I recommend a site called mortgage professor .com, which shows you different scenarios for paying down your mortgage quickly (and how much you save on interest over time.

HappyDaze · ‎06-13-2012

@patbz wrote:
I didn't get a lot of calls from other lenders and, because I always pay extra towards principle, I have paid down my mortgage by 88k in three years (and yes, the end is in sight). I recommend a site called mortgage professor .com, which shows you different scenarios for paying down your mortgage quickly (and how much you save on interest over time.

I already do this, hence I have no debt I am already super good with my money and don't need help in that area- just looking to hear about people's experience with mortgages using Costco's mortgage program. Thanks though.

Oh and if you do the mortgage lending, supposedly only the ones you pick can contact you so if you only pick one or two, that is all you should be getting calls from. Through the auto program it is different though and multiple companies can call you.

ETA: oh and FYI, Wells Fargo has an excellent mortgage program with the lowest interest rates and they also allow you to put larger amounts of money towards your principal and then they will recalculate your monthly payment based on the new principal amount without having to go through the trouble and cost of refinancing- it doesn't cost you a penny to do this and you can do it several times. Some other lenders also do this but only a one time thing and only if you are putting down 30% or more towards the remaining principal.