The Mortgage Program for Costco Members

ByBestmoney StaffJul.15, 2021
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In a Nutshell

Costco, the well known wholesaler, connects customers to great rates through it’s hand picked selection of lenders and super-low lender fees.


  • Well-regarded partners
  • The preapproval process takes a few minutes to complete


  • Few channels of communication for support
  • The company could expand its educational resources

The Mortgage Program for Costco Members

Loan typesConventional, FHA, VA, Jumbo
Featured loansFixed rate loans
Repayment Terms   30 years, 15 years
Down Payment0% for veterans
Suitable forCostco members


Costco Members wishing to obtain home financing have access to a special program offered by First Choice Loan Services.  Costco has partnered with several high-profile and rigorously vetted financial partners who provide their services through the program portal. Today, the Mortgage Program for Costco Members has helped more than 72,000 members acquire or refinance their mortgages. The company assists customers with accessing the funds they require quickly and efficiently, and connects them to a suitable match for their mortgage needs.

Great Options For Costco Members

Thanks to their straightforward and speedy process, the Mortgage Program can quickly connect its customers to the a mortgage provider in their network of partners. The company is ideal for those customers who are looking for an uncomplicated way to find the right loan for their new home, or even to refinance their existing mortgage. Thanks to the competitive rates and reputations offered by their partners, this relatively young service has become a go-to for those people who are looking to bypass the red tape many traditional lenders require while still benefiting from a reliable service provider. Moreover, for members of Costco’s wholesale stores, the mortgage offerings deliver an ideal way to receive low origination fees and extra benefits during application.

Loan Features

The Mortgage Program for Costco Members works with an extensive network of mortgage lenders that can deliver these financial services.  Members can significantly lower their lender fees, and save thousands of dollars over the course of their mortgage term. The program helps customers with more than just purchasing homes; the program’s loan partners can also assist customers with refinancing, FHA loans, and even offer veteran loans. A simple comparison tool lets potential borrowers view the different available lender matches, empowering customers to access favorable terms before making a decision about the right financing fit.

  • A network of heavily vetted financial service partners
  • Costco members receive discounts on lender fees
  • Straightforward process
  • A discount on fees, translating to savings for customers
  • Compare different loan options available
  • Get a mortgage or refinance an existing one

The Application Process

Applying for a mortgage through the program is a straightforward and swift process. To get started, the company asks customers to fill out a form and select and offer from a participating lender.  This includes basic questions and details regarding their preferred loan scenario, as well as some information regarding their personal finances. Once completed, the consumer will be presented a series of potential matches for each customer based on their borrowing characteristics, allowing them to choose the right fit. Customers will then negotiate specific terms directly with their lender

Pros and Cons

There is a lot to like about The Mortgage Program for Costco Members’ service offering, although there are areas where the company could improve to deliver an even better customer experience:

  • There is little anonymous information regarding representative terms and rates for any of its partners.
  • You can only submit information online, and not through any physical means including mail or fax.

However, there were many aspects of the company that are impressive:

  • The company’s loan partners are all well-regarded and offer excellent services.
  • The submission process is straightforward and only takes a few minutes to complete.
  • Closing on terms for a mortgage is short and efficient.
  • The program can offer customers an excellent variety of mortgage choices to find the right fit alongside great discounts for existing members.
  • Customer support channels that are available feature excellent response times and well-trained staff.

Rates and Fees

The program is provided by First Choice Loan Services, a young but already well-regarded financial services provider based out of New Jersey. In addition, the program leverages these partnerships to offer its customers a better range of mortgage choices in order to get lower fees than competitors.  Furthermore, borrowers can choose their preferred rates and provider without any preconditions or fees.

The Costco program uses its status and membership to offer excellent discounts and better rates for its consumers, though since rates are tailored to you, you’ll need to apply on the Costco Mortgage page to get your rates quote.

When applying for a mortgage, Costco members can receive a discount on lender fees depending on their subscription tier. Executive members are eligible for reduced lender fees, which include application, commitment, underwriting, and reduced processing fees.

Program partners also offer refinancing loans, and even veteran loans, adding to the overall appeal of their services.

Repayment Terms

The program’s network of lenders offer very favorable terms for potential borrowers. Participating lenders offer a wide range of term options for both fixed and adjustable rate mortgages. Generally, these terms can range from 5 years to 30 years.

Help & Support

To reach the Mortgage Program for Costco Members’ support services, customers can contact them via email or telephone between Monday and Saturday from 9:00 am to 9:00 pm ET. The company’s support staff are well-versed in their services and generally courteous. Support agents on the phone are quick to answer queries after a minimal wait time. Over email, inquiries are responded to in as little as one business day with answers that are thoughtful and helpful.

The program website puts a strong emphasis on its customers’ security. The company is very transparent about how it stores customers’ data, as well as what information they collect. The company gathers certain personal details based on customer interactions with its website and support staff, but it does not disclose it to employees, and access is heavily restricted. Furthermore, the company does not share any personal information without express consent, except in cases where it is required by law enforcement to disclose details. All customer information is stored on secure servers that are protected by physical, electronic, and procedural safeguards that meet the strictest industry standards

So, Should You Borrow with The Mortgage Program for Costco Members?

By and large, there is much to like about the program’s mortgage offerings. The company’s partners are thoroughly vetted to guarantee that borrowers are only working with the most reputable and transparent lenders with rates and terms that are very competitive for the industry as a whole. The program helps customers with preapprovals, making the task of eventually finding an appropriate mortgage lender much simpler. In addition, the company’s offerings to customers empower them to discover the right solution, and not just be forced to accept the first mortgage offer they find. Overall, the program’s excellent service and their outstanding mortgage lending partners are impressive.

Costco Mortgage FAQ

  • How do I get started?

It’s simple. Go to the costco mortgage website and start your application..

  • How do I compare loan quotes?

You can easily compare the interest rate, APR, points, loan amount, loan term and other loan quote details on the Mortgage Programs results page.

  • What if I don’t want to give you my social security number?

While Costco doesn’t ask for or allow you to provide your social security number on the loan request form, once you choose a lender, this information will be needed by the lender to receive a credit file from the credit reporting agency.

Visit Costco Mortgage

Physical Address

First Choice Loan Services Inc.

One Tower Center, Floor 18

East Brunswick, NJ 08816

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