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Costco Finance & First Choice Loan Services Mortgages

Costco Wholesale logoPurchasing a home is an exciting process, but it can also be a daunting task. In addition to finding the right home to fit you and your family’s needs, sifting through various mortgage options is often a challenge. Not all mortgage lenders offer the same assistance with funding fees, ongoing customer service or help with closing costs, making it difficult to find the most appropriate fit. However, certain mortgage lenders are making the process much less of an obstacle by providing promotional perks to customers.

Costco, one of the largest wholesale retailers, is offering cost savings to its Executive and Gold Star members on first mortgage purchases. Through its lender partner, First Choice Loan Services, Inc. based out of New Jersey, the retail giant is capping lender fees for Executive members at $500 or less, and capping Gold Star member lender fees at $650 or less. First mortgage holders who utilize the mortgage offer through Costco and First Choice Loan Services could save an average of $6420 over the life of the

loan, but results will vary based on the home’s loan-to-value ratio, the individual applicant’s credit score and history and purchase price of the home.

Included in the lenders fees capped within the promotional offer are:

  • Application fees
  • Commitment fees
  • Underwriting costs
  • Processing fees

Lenders fees for Costco’s mortgage offer do not include third party items, such as title insurance, appraisal fees, tax service, escrow or other charges that are passed directly through to the borrower. Costco and First Choice Loan Services is only offering the cap on lender fees to current Costco members, either with an Executive membership (at a cost of $110 each year) or a Gold Star membership (at a cost of $55 each year).

Costco serves over 50 million customers each and every year through its extensive network of wholesale warehouses. To find out additional information about its partnership with First Choice Loan Services and the current promotional offers on first mortgages, you can visit the Costco Finance website.

Posted on July 2, 2015 by Melissa in Mortgages

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Category: Refinance mortgage

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