Add to your shopping list: Get a mortgage.
Costco shoppers will now find that they not only can buy their
groceries in bulk at the warehouse retailer, but they can also shop for a
mortgage too.
Costco announced that it will offer a full-service mortgage lending program on its Web site with First Choice Bank and 10 other lenders. The site gathers quotes from various lenders.
The warehouse retailer has been testing out offering mortgages for a
year in some of its locations. Its lending partners have issued more
than 10,000 mortgages to Costco members so far.
"I went in to buy some bottled water, big bags of chips, cereal, and
some Nutri-Grain bars that I eat on my route," one Georgia shopper told
CNNMoney. "I saw a home loan brochure on my way out and picked it up."
The shopper said he went onto the Costco site and was able to get
mortgage rates from four lenders, as well as estimated closing costs and
terms. He was able to refinance his mortgage and lower his monthly
payments by $500 per month.
"We've always known that our members wanted more financial services,"
says Lauren Kutschka, Costco's manager of financial services, who adds
the warehouse retailer also offers health and auto insurance and stock
brokerage services. Costco next plans to add auto and student loans to
its mix.
Source: “Now on Sale at Costco: Mortgages,” CNNMoney (April 26, 2012)
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