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Watermark Home Loans Mortgage Review 2023

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At a glance

Watermark Home Loans

NMLS: 1838

State License: MC-4344


Rating: 3.9 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; construction and renovation loans; bank statement loans; investment property; interest-only; non-QM; reverse mortgage; condo and co-op loans; manufactured home loans; piggyback (80/10/0)


Nationwide Availability

Available in all 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

Pros and cons

Checkmark Pros

  • Free rate watch
  • No-closing cost loans

Close X 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 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.

Watermark Home Loans is good for

Borrowers looking for specific loan options, such as an interest-only loan, VA loan or reverse mortgage

Breakdown of Watermark Home Loans overall score

  • 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.


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.

Affordability: 3/5

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: 4.5/5

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: 4.6/5

Watermark Home Loans was founded in 2006. It is accredited by the Better Business Bureau with an A+ rating.

When you’re ready to apply for a mortgage with Watermark, you’ll begin by requesting a rate quote on the lender’s website or calling 800-896-9374. 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.

Refinancing with Watermark Home Loans

You can refinance a mortgage, including cashing out, with Watermark Home Loans. 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.

Alternatives to Watermark Home Loans

  • 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.

Watermark Home Loans consumer reviews


NMLS: 1838

State License: MC-4344


Rating: 4.9 stars out of 5

904 reviews

5 stars
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About consumer ratings

Customer service rating

Rating: 4.9 stars out of 5
Level of service
Rating: 4.9 stars out of 5
Rating: 4.8 stars out of 5
Rating: 4.9 stars out of 5

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.

of 49 reviews

The consumer reviews posted on ("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.

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Written by

David McMillin

Contributing writer

David McMillin is a contributing writer for Bankrate and covers topics like credit cards, mortgages, banking, taxes and travel. David’s goal is to help readers figure out how to save more and stress less.

Edited by

Suzanne De Vita

Arrow Right

Mortgage editor