Watermark Home Loans Mortgage Review 2026

Watermark Home Loans overview

Watermark Home Loans is a direct online mortgage lender in business since 2006. The lender is based in Irvine, California, and is available to borrowers in nearly every state. It offers an array of mortgage options, including conventional and government-backed loans as well as niche products like interest-only loans. The lender also provides refinancing options.

Pros and cons of Watermark Home Loans

How Bankrate scored Watermark Home Loans

Affordability: 5 stars

Because of Watermark's low APRs and low- and no-down-payment loan options, the lender gets a perfect 5 out of 5 stars for affordability.

• Interest rates: The lender reported annual percentage rates (APRs) below those of Bankrate's national average mortgage rates, at the time of this review.   
• Down payment: Watermark Home Loans offers no- and low-down-payment mortgage options. Conventional loans require a minimum of 3 percent down, while FHA loans require a minimum of 3.5 percent. USDA and VA loans have no down payment requirements.
• Fees: The lender doesn’t charge an application fee.

Availability: 5 stars

With its diverse mortgage offerings, wide national coverage and online application accessibility, Watermark scored a perfect 5 out of 5 for availability.

• Home loans offered: The company stands out for its extensive mortgage options, which include the standard home purchase and refinancing options as well as products for real estate investors, self-employed borrowers and older homeowners.
• Footprint: The lender services most states in the U.S.
• Where to find: When you're ready to apply for a mortgage, you can do so online or by phone, but you won't be able to apply in person anywhere. 

To help you better understand what types of borrowers are interested in this lender, here’s more information about Bankrate users who submitted a form to this lender through our site.

Borrower experience: 3.9 stars

Watermark isn't transparent about rates on its website, meaning you'll need to submit a form to get a rate quote, so the lender gets 3.9 out of 5 stars for borrower experience.

• Application and preapproval process: You can get a rate quote and apply for a mortgage on the lender's website. To get started, you'll answer some questions about where you are in the homebuying process and the type of home you're looking for. Then you'll need to share some financial information and upload documents to get preapproved. 

• Transparency: Watermark Home Loans’ current mortgage rates aren’t disclosed on its website. To see what rate the lender might offer you, you’ll need to submit a rate quote request with some personal details. You can also sign up for a free rate watch tool to track rate movement.

• Customer service: You can reach the lender by filling out an online form, emailing info@watermarkhomeloans.com or calling 800-896-9374 (hours are not listed).

Watermark Home Loans reputation

Watermark Home Loans is accredited by the Better Business Bureau and holds an A+ rating with the organization. The lender has an "Average" rating from the review site Trustpilot and was not included in J.D. Power's 2024 mortgage origination satisfaction study.