Watermark Home Loans Mortgage Review 2021
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.
At a glance

NMLS: 1838
State License: MC-4344
4.4
Bankrate Score
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Find my best matchesLoans offered
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 refinancingNationwide availability
Available in 36 states and the District of Columbia; not available in Alaska, Arkansas, Iowa, Kansas, Maine, Missouri, Montana, Nebraska, New Hampshire, New York, North Dakota, Rhode Island, South Dakota and WyomingMin. credit score required
620 for conventional loans; 580 for FHA loans; 580 for VA loans; 580 for USDA loans; 620 for jumbo loansPros and cons
Pros
- Relatively quick approval process
- Free rate quote and rate watch
- Zero-closing cost and application fee options
- Offers piggyback (80-10-10) loans with no private mortgage insurance
Cons
- Doesn’t offer home equity loans or home equity lines of credit (HELOCs)
- Loans aren’t available in all states
- No brick-and-mortar branch locations
Watermark Home Loans overview
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
Loan types
- Conventional fixed-rate and adjustable-rate mortgages (ARMs)
- FHA fixed-rate
- VA fixed-rate
- USDA fixed-rate
- 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 self-employed
- Rate-and-term refinancing
- Cash-out refinancing
Lender fees
Watermark Home Loans lender fees, including origination fees, vary by loan type. The lender’s 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 620 or higher). Depending on the loan, a minimum down payment of 3 percent is usually required (zero down for VA and USDA loans).
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Watermark Home Loans consumer reviews
4.9
725 reviews
Customer service rating
97% of reviews would recommend this lender
0 of 0 rates honored
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10 of 41 reviews
The consumer 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.
To help serve you with relevant information the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.
Awesome Experience!
Sachin | TX | 2/5/2020
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
Amazing Experience!
Nery Maz | Texas | 2/7/2020
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...
Jody is an AMAZING Loan Officer!!
Erik Olson | Sultan, WA. | 2/19/2020
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...
Excellent Customer Service!
Emilio Rodriguez | Texas | 2/20/2020
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.
Earned High Review
Michael | Grand Rapids, MI | 2/24/2020
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...
Fast close for refinance
Andy | Washington | 2/24/2020
Maureen and Noreen were professional and got everything done in record time, less than 30 days from application to funding. THANK YOU.
Always a Wonderful Experience
Kelly L. | Vancouver, WA | 2/26/2020
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...
Excellent
LD | Massachusetts | 4/30/2020
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 ...
Awesome experience...twice!
Ganesh K. | Fremont, CA | 6/3/2020
Jody Canfield has helped me with my refinance twice in the past 12 months, and I will say I have been really happy with the experience on both occasions! She is extremely responsive, detailed, and on top of every issue. She is always available to answer any questions and lets you know of all the a...
Wonderful Experience!
PVo | Rosemead, Ca | 6/5/2020
my name is Vo and I am writing to tell you about the Superior service I received from Mark Hoagland and Genelle Stewart. I started the refi process with Mark about a month ago, Mark was always professional, courteous, knowledgeable to answered all my questions. Mark has professional manner and expla...