Skip to Main Content

Watermark Home Loans Mortgage Review 2024

Bankrate logo

The Bankrate promise

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .

At a glance

Watermark Home Loans
NMLS: 1838
State License: MC-4344
Editor's take

Watermark Home Loans is a larger mortgage lender that offers a very wide suite of options, including bank statement loans for self-employed borrowers, condo and co-op loans and construction financing. (If you’re an older homeowner, you could also work with this lender on a reverse mortgage.) You won’t interact with a loan officer in person, however, as this lender operates solely online.

Bankrate Score
Info
3.4
Rating: 3.4 stars out of 5
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star

Bankrate Score

Customer Rating
Info
4.9
Rating: 4.86 stars out of 5

909 ratings

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Credit Good

Min. credit score required

620 for conventional loans; 680 for jumbo loans; 620 for FHA loans; 620 for VA loans; 580 for USDA loans

Location

Nationwide availability

All U.S. states except Alaska, Missouri, New York, Rhode Island and Vermont

Dollar Coin

Min. down payment

5% for conventional loans, 3.5% for FHA loans, none for VA loans

At a glance

Watermark Home Loans

NMLS: 1838

State License: MC-4344

3.4

Rating: 3.4 stars out of 5
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star

Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Location

Nationwide Availability

All U.S. states except Alaska, Missouri, New York, Rhode Island and Vermont

Credit Good

Min. credit score required

620 for conventional loans; 680 for jumbo loans; 620 for FHA loans; 620 for VA loans; 580 for USDA loans

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 the majority of 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.

Pros and cons of Watermark Home Loans

Pros
  • Checkmark

    Free rate watch

  • Checkmark

    No-closing cost loans

Cons
  • Close X

    Rates and requirements aren’t listed online

  • Close X

    Some information online inconsistent with other areas of website

Our Editor’s Take on Watermark Home Loans

Watermark Home Loans is a larger mortgage lender that offers a very wide suite of options, including bank statement loans for self-employed borrowers, condo and co-op loans and construction financing. (If you’re an older homeowner, you could also work with this lender on a reverse mortgage.) You won’t interact with a loan officer in person, however, as this lender operates solely online.

How Bankrate scored Watermark Home Loans

  • Affordability: Watermark Home Loans doesn’t display mortgage rates on its website; you’ll need to make contact with the lender to find out what rate and terms you potentially qualify for.
  • Availability: Watermark Home Loans is licensed in 45 states (as of this review). Note: It isn’t available in New York.
  • Borrower experience: Watermark has an A+ rating from the Better Business Bureau. You can get in touch with the lender on its website or via phone.

Affordability: 6.4/10

You won’t find mortgage rates or fees 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 rate movement. There’s no application fee, however, and no-closing cost options. This typically means you can roll the closing costs into the mortgage in exchange for a higher rate instead of paying for them upfront.

Availability: 10/10

Watermark Home Loans stands out for its extensive loan offerings, which include the standard home purchase and refinancing options as well as products for real estate investors, self-employed borrowers and older homeowners. The lender has grown to now service most states in the U.S. Its minimum credit score requirements are in line with what most lenders expect, but notably, it offers jumbo loans to borrowers with lower scores who are otherwise well-qualified.

Borrower experience: 4/10

Watermark Home Loans was founded in 2006. It is accredited by the Better Business Bureau with an A+ rating. The lender’s site includes a variety of calculators that can help prospective homeowners do the math on APR, refinance break-even point and more.

How to apply for a mortgage with Watermark Home Loans

You can apply for a mortgage with Watermark Home Loans online or by phone at 800-896-9374. Here are some tips to prepare for the process:

  1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
  2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
  3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with Watermark Home Loans

Watermark Home Loans offers both rate-and-term and cash-out refinancing options. However, the lender doesn’t list any information about fees or closing time expectations online. You’ll need to fill out a rate quote form to learn your options.

Compare Watermark Home Loans to other lenders

Watermark Home Loans
Rating: 3.4 stars out of 5
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star

3.4

Bankrate Score
Info
Bethpage Federal Credit Union
Rating: 4.9 stars out of 5
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star

4.9

Bankrate Score
Info
Read full review
First Mortgage Direct
Rating: 4.8 stars out of 5
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star

4.8

Bankrate Score
Info
Read full review

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Loans offered

Conventional, jumbo, FHA, refinancing and more

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Min. credit score required

620 for conventional loans; 680 for jumbo loans; 620 for FHA loans; 620 for VA loans; 580 for USDA loans

Min. credit score required

620 for conventional loans, 500 for FHA loans

Min. credit score required

620 for conventional loans, 580 for FHA loans, 580 for VA loans

Down payment

5% for conventional loans, 3.5% for FHA loans, none for VA loans

Down payment

3% for conventional loans, 3.5% for FHA loans

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

Nationwide availability

All U.S. states except Alaska, Missouri, New York, Rhode Island and Vermont

Nationwide availability

Available in all U.S. states except Texas

Nationwide availability

All U.S. states

Watermark Home Loans customer ratings and reviews

logo

NMLS: 1838

State License: MC-4344

4.9

Rating: 4.86 stars out of 5

909 ratings

Info

This lender has 5 recent reviews.

Knowledge
Rating: 4.9 stars out of 5
Level of service
Rating: 4.9 stars out of 5
Professionalism
Rating: 4.9 stars out of 5
Responsiveness
Rating: 4.8 stars out of 5
5 stars
4 stars
3 stars
2 stars
1 star
95%
1%
0%
0%
3%

97% of customers would recommend this lender.

of 5 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.

Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.

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.

Search
Caret Down