Watermark Home Loans Mortgage Review 2021

Written by
Edited By

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

4.5

  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon

Bankrate Score

Find your mortgage match

Get paired with your best mortgage offers in 2 minutes or less.

Find my best matches
Mortgage percent icon

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)
Location Icon

Nationwide availability

Available in 37 states and Washington, D.C.; not available in Alaska, Arkansas, Iowa, Kansas, Maine, Missouri, Montana, Nebraska, New Hampshire, New York, North Dakota, Rhode Island and South Dakota
Credit good icon

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

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 generally 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.

Reputation 

Watermark Home Loans is accredited by the Better Business Bureau with an A+ rating.

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 breakeven points 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 can fill out a rate quote form.

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: 14.75/15
  • Availability: 13/15
  • Borrower experience: 9/10

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.

Find your mortgage match

Get paired with your best mortgage offers in 2 minutes or less.

Watermark Home Loans consumer reviews

4.8

  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon

779 reviews

5 stars
4 stars
3 stars
2 stars
1 stars
738
12
3
2
24

Customer service rating

Knowledge
4.9
Level of service
4.9
Professionalism
4.8
Responsiveness
4.8

96% 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 63 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.

  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon

Great service and best rates

Indrakumar | NC | 10/18/2020

  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon

Great Service and interest rate

Elanthamizhan Chinna | North Carolina | 10/28/2020

  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon

Top Notch

Josh | Denver, CO | 11/12/2020

  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon

Seamless process

Sandy | Perry Hall, MD | 12/15/2020

  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon

Awesome Rates & Service!!

Rory | CT | 12/21/2020

  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon

Great Experience!

L.L. | Stockton, Ca | 1/5/2021

  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon

Rob K. and his team (Genelle) were awesome!!

Linda A. | 338063 | 1/17/2021

  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon

Great service by Jody Canfield

Great service by Jody Canfield | Redwood City, CA | 2/4/2021

  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon

Truly Exceptional. Highly Recommended.

Cau H. | Temecula, CA. | 2/4/2021

  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon
  • star icon

Say what you do, do what you say. Simple.

Easy | Ventura CA | 2/6/2021

Written by
David McMillin
Contributing writer
David McMillin writes about 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
Mortgage editor