Watermark Home Loans Mortgage Review 2022

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.