1:11 pm April 28, 2012, by Christopher Seward
How about a Costco mortgage to go with that 30-count package of three-ply toilet tissue rolls or that 35-count shrink-wrapped package of ready-made green tea?
The wholesale membership club competitor has entered the full-service mortgage loan business, and it’s already issued more than 10,000 loans, according to a CNN Money report. The loans include traditional mortgages, refinancing and loans for veterans.
Costco has teamed up with First Choice Bank to give members access to lenders with competitive loan terms through an online portal.
Members plug in their mortgage request information and the site provides a list of possible lenders. The member then decides which lender to pursue, instead of lender after lender contacting the Costco member. The lender doesn’t get the member’s identity until after it is chosen.
Costco also eventually plans to offer health and auto insurance, and student loans, the report says. The warehouse retailer already offers recreational vehicle and boat loans.
Costo’s main competitor, Sam’s Club, offers small business loans of $5,000 to $25,000 through an alliance with Superior Financial Group.
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