TL;DR
Costco ended its mortgage program in 2022 due to rising interest rates and brand alignment concerns. While members lost access to capped-fee mortgages, you can still find value by working with top-performing realtors who deliver transparency, negotiation power, and financial benefits. EffectiveAgents.com helps you find the best realtor based on verified performance data. Start your agent search here.
▶ Listen to this article:Disclaimer: EffectiveAgents is not affiliated with, endorsed by, or connected to Costco Wholesale Corporation in any way. This article provides independent analysis and alternative solutions for former Costco mortgage program users.
The Rise and Fall of Costco’s Mortgage Program
For years, Costco’s mortgage program was a standout membership perk. Rather than lending directly, Costco connected members with pre-screened banks and mortgage companies while capping origination fees at $250 for Executive members and $550 for other members. This model aligned with Costco’s values of transparency and savings, with lenders like NBKC Bank often emerging as favorites.
What Made It Special
- Fee transparency with strict origination caps
- Curated lender network vetted by Costco
- Compliance with CFPB guidelines
- Competitive rates through bulk negotiating
- Brand trust from Costco’s reputation
Why Costco Discontinued Its Program
In May 2022, Costco ended its mortgage program. Rising interest rates reduced refinancing volume and pressured lender margins, undermining the program’s consumer-friendly structure. More importantly, the program posed risks to Costco’s brand since mortgages involve complex processes, third-party underwriting, and inconsistent service beyond Costco’s direct control. According to industry insiders, member complaints were pivotal in Costco’s decision.
Current Mortgage Landscape
As of 2025, while Costco no longer offers mortgage services. The team at EffectiveAgents has identified the nations top lenders that are currently providing competitive mortgage rate options for buyers and refinancers. Here are some of the top lenders offering the most competitive interest rates, EffectiveAgents is not affiliated with any of these lenders and we do not receive any compensation from them:
- Navy Federal Credit Union – Excellent mortgage rates and terms for military families.
- Freedom Mortgage – One of the largest FHA and VA lenders with broad refinancing options.
- Pennymac Loan Services – Strong conventional and FHA offerings, efficient digital platform.
- Guild Mortgage – Regional expertise and competitive pricing in multiple states.
- Paramount Residential Mortgage Group – Specialized loan programs, including niche and non-QM products.
- Veterans United – Dedicated VA loan specialists serving veterans and active-duty service members.
- Everett Financial – Parent company of Supreme Lending, offering a wide range of mortgage solutions.
- NVR Mortgage – Integrated lender for Ryan Homes and NVHomes buyers.
- PrimeLending – Known for diverse loan programs and strong customer service.
- Wells Fargo – National lender with extensive branch network and product variety.
Find Your Perfect Realtor
Get matched with top-performing agents in your area. Compare thousands of realtors based on verified performance data.
Start Agent Search →Finding the Best Realtor Alternative
With Costco’s program gone, an excellent way to capture value is to find the best realtor using sales data. Realtors that are identified by EffectiveAgents outperform their peers. They are strong negotiators and have a tendancy to simplify complex transactions.
Key Qualities of EffectiveAgents
- Local expertise and proven sales history
- Better Marketers with substiantially more experience than average agents
- Negotiation strength consistently demonstrated in outcomes
- Marketing and technology skills including photography, virtual tours, and analytics
- Clear and responsive communicators
Earn Commission Rebates
Eligible clients may receive commission rebates when closing with matched agents (where permitted by law).
Learn About Rebates →Getting Started: EffectiveAgents’ 5-Step Process
- Complete our matching survey
- Review agent profiles with performance data
- Schedule consultations
- Select the best-fit agent
- Close with confidence
Compare Agent Performance
Access detailed performance metrics, recent sales data, and client testimonials before choosing your agent.
View Agent Profiles →Conclusion
Costco ended its mortgage program to protect brand standards and reduce risk. While that program is gone, finding the best realtor remains the most impactful choice for buyers and sellers. At EffectiveAgents.com, we deliver the same transparency and value Costco members loved—through elite agent matching, performance transparency, and commission rebates where allowed.
EffectiveAgents is not affiliated with, endorsed by, or connected to Costco Wholesale Corporation. This article is for informational purposes only. Commission rebates are subject to state law. Please consult local regulations for eligibility.
