Sorry, folks! Much to the dismay of many members of this popular wholesale store, Costco recently announced that they’ve put an end to their mortgage marketplace.
That’s right: On May 1, the membership-based store officially discontinued this valuable perk that was put into place back in 2020, which used to provide customers with purchasing, refinancing, and home equity loans, as well as loan and mortgage rate comparison tools.
“The Mortgage Program for Costco Members will no longer be available through Costco Services effective Sunday, May 1, 2022,” an update on their website states.
Additionally, the store asks that members direct any questions about their mortgage applications to the lender they've been working with, rather than the store itself. While Costco helped with the lending process, they simply acted as a middleman rather than a lender themselves.
This is one of a few changes Costco has made to their store policies. Just recently, they also ended their special shopping hours for those who are at high risk of COVID-19.
While it's unclear why, exactly, Costco had to say goodbye to these perks, there are still plenty of other benefits in place for members. These include discounted gas, identity protect, and even RV sales—and, of course, all the great prices on those bulk items they offer! So there's no reason to cancel your membership just yet. You just may need to look elsewhere for all of your mortgage needs.
