Watermark Home Loans Mortgage Review 2022
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At a glance

NMLS: 1838
State License: MC-4344
4.6
Bankrate Score
Loans offered
Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; construction and renovation loans; investment property; interest-only; reverse mortgage; condo and co-op loans; manufactured home loans; piggyback (80/10/0)Nationwide availability
Available in 37 states and Washington, D.C.; not available in Alaska, Arkansas, Iowa, Kansas, Maine, Missouri, Nebraska, New Hampshire, New York, North Dakota, Rhode Island, South Dakota and VermontMin. credit score required
620 for conventional loans; 680 for jumbo loans; 620 for FHA loans; 620 for VA loans; 580 for USDA loansPros and cons
Pros
- Free rate watch
- No-closing-cost loans
- Offers programs specifically for military veterans, including waiving the VA funding fee for certain applicants
Cons
- Rates and requirements aren’t listed online
- Some information online inconsistent with other areas of website
Watermark Home Loans overview
Watermark Home Loans is a direct online mortgage lender that has been in business since 2006. The lender is based in Irvine, California, and is available to borrowers in more than 35 states. It offers an array of mortgage options, including conventional and government-insured loans as well as niche products like interest-only and piggyback loans. The lender also provides refinancing options.
Good for
Borrowers looking for specific loan options, such as an interest-only loan, VA loan or reverse mortgage
Loan types
- Conventional
- Jumbo
- FHA
- VA
- USDA
- Fixed-rate
- Adjustable-rate
- Rate-and-term and cash-out refinancing
- Investment property
- Interest-only
- Reverse mortgage
- Condo and co-op loans
- Manufactured home loans
- Piggyback (80/10/0)
Lender fees
Watermark Home Loans does not publish specific lender fees online. However, according to its website, there is no application fee and also no-closing-cost loan options, which typically means you can roll the closing costs into the loan in exchange for a higher interest rate instead of paying for them upfront.
Rates
You won’t find mortgage rates from Watermark Home Loans publicly advertised on its website. Instead, you’ll need to fill out a rate quote request form with your personal details to receive an estimate. You can also sign up for a free rate watch tool to track any movement on interest rates.
Online services
Borrowers can apply for a rate quote from Watermark Home Loans online, and the lender’s website includes a variety of calculators that can help prospective homeowners do the math on APR, refinance break-even point and more.
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) and a minimum down payment of 3 percent. FHA loans typically require a down payment of at least 3.5 percent, while VA and USDA loans have no down payment requirement.
Refinancing with Watermark Home Loans
You can refinance a mortgage with Watermark Home Loans. Cash-out refinances are also available. However, the lender does not list any information about fees or closing time expectations online. Instead, you’ll need to fill out a rate quote form to learn your options.
Not sure if Watermark Home Loans is right for you? Consider these alternatives
- Navy Federal Credit Union mortgage review: Borrowers who qualify for VA loans can find competitive rates, a rate match guarantee and a more sophisticated online experience with this credit union.
- USAA mortgage review: This is another lender focused on offering competitive VA loans, plus convenient online preapproval and robust digital tools for borrowers.
- AmeriSave Mortgage Corporation review: This lender has a transparent fee and pricing structure, plus an equivalent BBB rating.
- Ally Bank mortgage review: This online bank offers home loans in many states, but doesn’t provide FHA, VA or USDA loans.
- Cherry Creek Mortgage review: Those looking to compare rates easily online or for low-down payment options could benefit from working with Cherry Creek Mortgage, which also does business as Blue Spot Home Loans.
Breakdown of Watermark Home Loans overall review score
- Affordability: 5/5
- Availability: 4.3/5
- Borrower experience: 4.7/5
Review methodology
To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews. Here is our full methodology.
Watermark Home Loans consumer reviews
4.9
881 reviews
Customer service rating
97% of reviews would recommend this lender
10 of 10 rates honored
Review this lender
Write a review of your experience with Watermark Home Loans.
10 of 121 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.
We had a great experience.
We had a great experience! | SCOTTSDALE | 6/28/2021
We found Watermark Home Loans online and compared them to other lenders. We were very pleased to work with Monica Reyes to secure our refinance loan. She was professional, helpful, attentive to our needs, and very reassuring throughout the process. We would definitely work with her again, as well as...
Josh from Watermark Home Loans take the stress out of buying a new home
John Klem | 95630 | 6/30/2021
Over the past ten years I have used Josh at Watermark Home Loans for all my new home loan and refinancing needs. Josh is always on top of everything and there has never been any last minute stressful requests before closing. Josh has always provided me the best rates compared to his competitors. ...
Refi- Smooth sailing!
Exceeded my expectations by a wide margin! | Cape Cod, MA | 7/29/2021
Israel Chavez and his support staff at WaterMark exceeded my expectations by a wide margin! Professional, Courteous and Responsive whenever I had questions. I didn"t know of WM prior to starting the process and was a little skeptical because their rates are so attractive, however, my doubts were soo...
Highly recommend
B.B. | Plymouth, MA | 8/5/2021
extremely impressed with Watermark. We refinanced and researched several companies. Not only did Watermark provide us the lowest rates, they were one of the only companies to personally respond to our request and take the time to answer all our questions. Once we started the process, our rep, E...
Hard loan made easy
Hard Loan Made Easy | San Antonio, TX | 8/19/2021
My wife and I couldn't be happier how our refi process went. Moses Herrera at Watermark was willing to tackle our admittedly difficult loan which had already been ignored by another lender. He saw it through a bumpy road and got us closed. So happy Moses worked as hard as he did for us. 5 stars.
Perfect, Perfect, and Perfect!
Eitan H | Milwaukee, WI | 8/28/2021
Would highly recommend! Brandon Emerine at Watermark kept the refinancing process moving smoothly and quickly, at the lowest rates! Always available to answer my questions, even at "after business hours" which made all of the difference in the world!
Smooth experience ever!
Smooth and great experience | Fremont, CA | 8/30/2021
I highly recommend working with Brandon Emerine at Watermark Home loan. He is very responsive and provides guidance which makes the process seem very easy. He is also very proactive and efficient which helps to save time and efforts for a customer.
Wonderful to work with.
Simple, easy process. | Riverside, CA | 9/1/2021
Moses was wonderful to work with. He came highly recommended and definitely didn't disappoint. The process was as smooth as smooth can be and Moses was always available and patient when I had questions. The process was so easy that I'm not sure why I waited. I would absolutely work with him again
Quick and easy
Chris | Boston | 9/7/2021
Vincent and the rest of the Watermark team were very responsive and helpful throughout the process. They even helped me to organize closing from my hotel while I was travelling. Quick, easy, great rate.
The entire process was fast and easy. Great rate and fees.
Bryce Knight | Utah | 9/7/2021
Vincent was great to work with. We were able to refinance quickly with an awesome rate and the fees were very low. They are highly recommended