Watermark Home Loans Mortgage Review 2020

By Erik J. Martin

About our reviews

Bankrate’s editorial team researches, reviews and rates lenders to help you find one that fits your needs. Our experts consider a range of factors, including rates, loan types, time to close, fees and more. Reviews are updated regularly. Bankrate is an independent, advertising-supported comparison service. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy.

Watermark Home Loans

Bankrate Score

  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon

3.7

User reviews
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
( 693 )

4.9

Please note: In response to the coronavirus pandemic, lenders are changing their requirements continuously. Although we strive for accuracy at the time of publication, please be sure to check with the lender for updated details on down payments, credit scores, etc.

Founded in 2006, Watermark Home Loans is an online lender that offers an array of mortgage options and loans for homebuyers, including:
  • Conventional fixed-rate and adjustable-rate mortgages (ARMs)
  • FHA, VA and USDA fixed-rate loans
  • Jumbo fixed-rate loans
  • Interest-only loans
  • Piggyback (80-10-10) loans
It also offers rate-and-term refinancing, cash-out refinancing, reverse mortgage loans, co-op and non-warrantable condo loans, renovation loans, investment property loans, manufactured housing loans and loans to the self-employed.

Nationwide availability

Available in 40 U.S. states and the District of Columbia; not available in Illinois, Iowa, Kansas, Missouri, Montana, New York, North Dakota, Rhode Island, South Dakota and West Virginia

Minimum credit score

620 for conventional loans; 580 for FHA, VA and USDA loans; 620 for jumbo loans

Loan types

Conventional fixed-rate and adjustable-rate mortgages (ARMs), FHA, VA and USDA fixed-rate loans, jumbo fixed-rate loans, interest-only loans, piggyback (80-10-10) loans, reverse mortgage loans, co-op and non-warrantable condo loans, renovation loans, investment property loans, manufactured housing loans and loans to the self-employed; refinancing options include rate-and-term refinancing and cash-out refinancing

Pros

  • Relatively quick approval process
  • Free rate quote and rate watch
  • Zero closing cost and application fee options
  • Offers “piggyback” (80-10-10) loans that prevent paying private mortgage insurance

Cons

  • Doesn’t offer home equity loans or home equity lines of credit (HELOCs)
  • Loans aren’t available in 10 states: Illinois, Iowa, Kansas, Missouri, Montana, New York, North Dakota, Rhode Island, South Dakota and West Virginia
  • No brick-and-mortar branch locations

Find your mortgage match

Get paired with your best mortgage offers in 2 minutes or less.

Watermark Home Loans overview

Loan types

  • Conventional fixed-rate and adjustable-rate mortgages (ARMs)
  • FHA, VA and USDA fixed-rate loans
  • Jumbo fixed-rate loans
  • Interest-only loans
  • Piggyback (80-10-10) loans
  • Reverse mortgage loans
  • Co-op and non-warrantable condo loans
  • Renovation loans
  • Investment property loans
  • Manufactured housing loans
  • Loans to the self-employed
  • Refinancing including rate-and-term refinancing and cash-out refinancing

Lender fees

Watermark Home Loans fees, including origination fees, vary by loan type. Its website claims that a zero-cost application fee and zero-cost closing options are available.

Minimum borrower requirements

Watermark Home Loans adheres to the conforming loan requirements for mortgages approved by government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, as well as those backed by the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA) and the U.S. Department of Agriculture (USDA).

For conventional loans, key requirements include good credit (typically a FICO score of 580 or higher). Depending on the loan, a minimum down payment of 3.5 percent is usually required (zero down for VA or USDA loans).

Get started with Watermark Home Loans

Borrowers can apply online or by phone. If you apply online, a representative will contact you.

Hours

Monday - Friday: 8 a.m. - 5 p.m. PST Saturday: 9 a.m. - 3 p.m. PST Sunday: Closed Contact: 800-896-9374

Watermark Home Loans consumer rating and reviews

4.9 reviews
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon

97% recommended

Customer Service Rating

Knowledge
4.9
Level of service
4.9
Professionalism
4.9
Responsiveness
4.8
678 out of 693 rates honored
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
(693 reviews)
5 Star
4 Star
3 Star
2 Star
1 Star
662
11
0
0
20

The reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.

Arrow icon
Showing 10 of 693 Reviews
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon

LD
Massachusetts

4/30/2020

Excellent

These guys are great. The process took awhile, but that is to be expected with markets doing what they were doing. They more than made up for the delay with excellent communication. Monica and Jaclyn were an excellent team, and I was more than satisfied with their service. It's not often I do a ...

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon

Kelly L.
Vancouver, WA

2/26/2020

Always a Wonderful Experience

This is my third time using Watermark and I am always happy with the process. Dominic our lender is so wonderful and easy to work with. He has always been helpful with any questions I have had and I have had a lot. During my loan process I have worked with other people from Watermark and each one ha...

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon

Andy
Washington

2/24/2020

Fast close for refinance

Maureen and Noreen were professional and got everything done in record time, less than 30 days from application to funding. THANK YOU.

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon

Michael
Grand Rapids, MI

2/24/2020

Earned High Review

I chose Watermark Home Loans to do a cash-out refinance, based on their high reviews on bankrate.com. Mark and Dana earned those high reviews. Everything you need to is clearly laid out in a time-line. If you have your documents (pay stubs, W2s, bank statements, etc.) in order, the process is rather...

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon

Emilio Rodriguez
Texas

2/20/2020

Excellent Customer Service!

I just closed on my home refinance loan and the process was smooth and seamless. Monica Reyes was the reason it went so well. She provided excellent customer service and kept me in the loop every step of the way.

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon

Erik Olson
Sultan, WA.

2/19/2020

Jody is an AMAZING Loan Officer!!

I have had nothing short of the BEST experience using Watermark home loans for my refinance! My Loan Officer, Jody Canfield truly went above and beyond throughout the entire process. I originally had 3 different lenders that I was working with and she was the only one who would answer every question...

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon

Nery Maz
Texas

2/7/2020

Amazing Experience!

Great experience with Watermark! My Loan Officer, Monica Reyes deserves 6 Star review! She exceeded my expectations at every turn. She was efficient, professional and personable. She always got back to me within 24 hours and even better, always did what she said she was going to do. She answered EV...

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon

Sachin
TX

2/5/2020

Awesome Experience!

Mark Hoagland was my loan officer. He is excellent professional and gave me the best service he could. I recommended several of my friends to him. Highly recommend Watermark for Mark! Awesome service!! Thank you for everything

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon

Marc
NV

1/18/2020

Great loan experience

From start to finish this was the quickest and easiest refinance I have ever experienced. And a great rate and low fee.

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon
  • Star icon

Michael Cox
Draper, Va

1/16/2020

Rob Kromberg and his team are the BEST!!

Rob Kromberg was my mortgage broker and I would HIGHLY recommend him to anyone looking to buy or refinance a home!!! I researched this company and they have the LOWEST rates and Rob will explain everything to you. I can’t say enough about this team and will he will be the first I call for my ne...

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
No