Photo: NICHOLAS KAMM / AFP / Getty Images
Costco, one of the largest club chains in the world, ended its mortgage program for its members, in the United States.
Through its website, the company announced that these changes They came into force from May 1. In turn, it shared a directory of phone numbers for more information.
“Members who have questions about their current mortgage application and loan they should contact the lender they have been working with”, reads the company page.
Although it was not a lender as such and had no direct involvement in the mortgage process, it did offer rate limits of the lenders associated with the loan transaction, say some sites.
The company was affiliated with eight lenders. Box Home Loans, Lending.com, CrossCountry Mortgage, NASB, Mutual of Omaha Mortgage, NBKC Bank, Strong Home Mortgage and Real Genius stand out.
Costco began its mortgage program in 2020. So far, no explanation has been offered in this regard. Users of social networks speculate that, with the increase in interest rates in the country, the profit margin has become smaller and smaller until it is no longer profitable for the company.
The end of this program will probably be well used by Walmart, who in early March launched its own mortgage program after reaching an agreement with Lenders One Cooperative. Although for now the commercial spaces are offered in three stores, the chain of stores has its sights set on further expansion.
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