Costco Is No Longer Offering This Member Perk

Costco is recognised for having a warehouse full of anything you could possibly need to furnish a home. Costco has everything from 72 pounds of parmesan cheese to a saxophone starter kit to a 110-serving "just add water" emergency meal kit.

The only thing it no longer provides is a home in which to store these items. According to its website, Costco no longer offers a mortgage programme to its members as of May 1.

Any members who are in the midst of obtaining a loan should contact the lender with whom they have been dealing, of which Costco was linked with eight at the time: Lending.com, Box Home Loans, CrossCountry Mortgage, and others

Costco established the mortgage programme in 2020 and has yet to explain why it was discontinued. However, once the news was released, one Reddit user hypothesised that "likely not enough opportunity for profit in the referrals, with rates rising higher."

Costco was not a lender and had no direct involvement in the loan process. The scheme does provide a cap on lender fees associated with loan transactions.

Borrowers could expect to pay 1%, or $1,000, for a $100,000 mortgage if the program's cap is not implemented. Costco capped lender origination fees at $250 for Executive members and $550 for others.

The grocery behemoth has agreed to lease retail space in Walmart shops to Lenders One Cooperative, which will provide mortgage goods and services.

Although the spaces are presently only available in three Walmart locations, the mortgage cooperative has stated that it aims to expand to more locations. While Costco may not be able to help you finance your dream home, it may help you plan your fantasy vacation.

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