Costco Mortgage?! Would you get your mortgage there?

[Shwa Girl]

Since April, Costco USA has been offering mortgages.
http://www.costco.ca/Browse/Productg...atchallpartial


https://www.costcofinance.com/LoginAndPricing.aspx


Checked Costco Canada’s website and, yes, you can get a Canadian mortgage from Costco too.
http://www.costco.ca/Browse/Productg...atchallpartial


Would you get your mortgage from Costco?

[MortgageQueen]

This is basically an online mortgage option that Costco has nothing to do with . . . other then to get paid for doing their advertising using the Costco name.
I'm not sure that dealing with a stranger picked at random is your best choice? You're better to either go with someone you know, or has been referred by a reliable source. . . IMO


Below is copy and paste from their website:
"SNCO FINANCE inc is a member of the Verico Brokers Network, mortgages brokers licensed in each province of Canada, more especially in Québec, license #E6002CA, in Ontario #10733 Verico Personal Choice Mortgage Service inc & #10169 Verico Online Mortgage and in Saskatchewan #307607. Costco Wholesale is a registered trade-mark owned by Price Costco International, Inc. and is used under license. Services to COSTCO members are free. Broker is paid by lender. ***COSTCO receives no compensation for this member program except for usual advertising fees.***This program is also offered in Nova Scotia and Newfoundland. "

asterisks are mine.

[lealgen]

I completely agree with MortgageQueen. I'd prefer to deal with either someone I know or someone who has been referred to me by family or friends.

[themortgageguy]

Use a broker and use someone local to you. The Costco site points you towards a franchise of Verico, a large brokerage.

[guessboi]

Just like Costco Home and Auto Insurance. I wouldn't recommand it. Costco has nothing to do with these...just marketing.

[Allan_]

There rates arent that great...3.01% for 5yrs, 30 day hold when you compare to what I and my friend got... 2.84% for 5yrs with a 90 day hold.

[themortgageguy]

There rates arent that great...3.01% for 5yrs, 30 day hold when you compare to what I and my friend got... 2.84% for 5yrs with a 90 day hold.

Yeah there are better rates out there. With very low rate mortgages there often, but not always, some restrictions in them such as an overly expensive buyout clause, no buyout for x years etc.. Everyone should understand these clauses with any mortgage they sign.

[MortgageQueen]

Yeah there are better rates out there. With very low rate mortgages there often, but not always, some restrictions in them such as an overly expensive buyout clause, no buyout for x years etc.. Everyone should understand these clauses with any mortgage they sign.

Quite true. . .there can be restrictions. . .heavy ones. Such as death or selling the house as only options to get out of mortgage. There are a few out there for super -star clients that don't have restrictions. . .but very few.