The Real Deal Miami

Mortgage lending comes to Costco

April 26, 2012 03:45PM

At Costco one can buy food, gas and clothing and now — a mortgage, AOL reported. Costco is rolling out a full-service Web-based mortgage lending program in partnership with First Choice Bank, a New Jersey-based community bank, and 10 other lenders, AOL said. The program has issued more than 10,000 mortgages and expects that number to grow soon when it begins marketing mortgage services out of its brick-and-mortar stores as well.

“I went in to buy some bottled water, big bags of chips, cereal and some Nutri-Grain bars that I eat on my route,” Ray Sheets, a FedEx courier from Georgia, told AOL. “I saw a home loan brochure on my way out and picked it up.”

Costco is now a step closer to truly being a one-stop-shop — once mortgage services are available in-store, Sheets will be able to eat those Nutri-Grain bars while applying for his mortgage.

And mortgages are actually one of several financial products available at the big-box retailer. Costco also offers health and auto insurance, as well as stock brokerage services, a spokesperson told AOL. [AOL]