Watermark Home Loans Mortgage Review 2021
Please note: In response to the coronavirus pandemic, lenders are changing their requirements continuously. Although we strive for accuracy at the time of publication, please be sure to check with the lender for updated details on down payments, credit scores, etc.
At a glance
NMLS: 1838
State License: MC-4344
4.4
Bankrate Score
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Find my best matchesLoans offered
Conventional fixed-rate and adjustable-rate mortgages (ARMs), FHA, VA and USDA fixed-rate loans, jumbo fixed-rate loans, interest-only loans, piggyback (80-10-10) loans, reverse mortgage loans, co-op and non-warrantable condo loans, renovation loans, investment property loans, manufactured housing loans and loans to the self-employed; refinancing options include rate-and-term refinancing and cash-out refinancingNationwide availability
Available in 37 states and the District of Columbia; not available in Alaska, Arkansas, Iowa, Kansas, Maine, Missouri, Montana, Nebraska, New Hampshire, New York, North Dakota, Rhode Island and South DakotaMin. credit score required
620 for conventional loans; 620 for FHA loans; 620 for VA loans; 580 for USDA loans; 680 for jumbo loansPros and cons
Pros
- Relatively quick approval process
- Free rate quote and rate watch
- Zero-closing cost and application fee options
- Offers piggyback (80-10-10) loans with no private mortgage insurance
Cons
- Doesn’t offer home equity loans or home equity lines of credit (HELOCs)
- Loans aren’t available in all states
- No brick-and-mortar branch locations
Watermark Home Loans overview
Founded in 2006, Watermark Home Loans is an online lender that offers an array of mortgage options and loans for homebuyers, including:
- Conventional fixed-rate and adjustable-rate mortgages (ARMs)
- FHA, VA and USDA fixed-rate loans
- Jumbo fixed-rate loans
- Piggyback (80-10-10) loans
Loan types
- Conventional fixed-rate and adjustable-rate mortgages (ARMs)
- FHA fixed-rate
- VA fixed-rate
- USDA fixed-rate
- Jumbo fixed-rate loans
- Piggyback (80-10-10) loans
- Reverse mortgage loans
- Renovation loans
- Investment property loans
- Manufactured housing loans
- Loans to self-employed
- Rate-and-term refinancing
- Cash-out refinancing
Lender fees
Watermark Home Loans lender fees, including origination fees, vary by loan type. The lender’s website claims that a zero-cost application fee and zero-cost closing options are available.
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). Depending on the loan, a minimum down payment of 3 percent is usually required (zero down for VA and USDA loans).
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Watermark Home Loans consumer reviews
4.9
764 reviews
Customer service rating
96% of reviews would recommend this lender
0 of 0 rates honored
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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.
Jody Canfield of Watermark did a great job!!!
Lance L | Las Vegas | 7/30/2020
We just finished using Jody and Watermark for our Refi. In over 30 years of buying and refinancing homes, Jody was by far the best!!! Jody was extremely professional, knowledgeable, prompt and responsive to any questions I had via email or phone. She was totally on target regarding anticipated cos...
The best experience among several refis
Steve C | Glendale, CA | 8/3/2020
Great rate and great service. Jody was amazingly pleasant from the very first inquiry through the final document signing. Everything proceeded on schedule and our loan closed right on time.
great experience!
marsha ferrall | newport beach, ca | 8/7/2020
i was lucky enough to meet moses herrera upon my inquiry with watermark home loans. both he and gayle smith made my re-fi an easy task and they are both professional and knowledgeable. thank you!!
Absolutely the Very Best People and Process
Richard and my happy wife | Diamond Bar, California | 8/26/2020
The team at Watermark Home Loans were superb! Mark and Gayle were both great to work with, easy to contact for assistance, and they were totally on top of the whole process in a very timely manner. It all went extremely smooth and instructions always were clear. The best part: Watermark's refin...
Super Cheap Rates!
Carlos Campos | Bakersfield CA | 8/27/2020
Man, these guys are great! Let me first begin with saying this guys have some of the lowest rates in the market right now! I was able to land a 2.25% for a refi with them. I called them up one day and the process flowed super smooth. I dealt with a guy named Rob Kromberg. He was my mortgage banker. ...
Great Experience!!
PAG | Florida | 8/28/2020
We worked with Rob Kromberg and Genelle Stewart! Exceptional experience with their team. Very professional, available and response time was incredible whenever we had questions or concerns. We would recommend Watermark absolutely 100 percent to anyone looking for a mortgage company for your home ...
Great Experience with Watermark Home Loans!
Sharis D | Burbank, CA | 8/31/2020
I had a great experience working with Travis Lamm at Watermark Home Loans. My loan was processed very smoothly. Travis was very professional, helpful, and kind. I would definitely recommend Travis at Watermark Home Loans to my friends and family.
Internet Refi’s are Scary but not with Watermark
E Johnson | San Rafael, CA | 9/1/2020
I was very nervous to refi over the internet but Moses Herrera made me feel comfortable and brave enough to try it! I think you will find the rates much better than in a walk-in establishment. It’s the future and while admittedly it’s been a crazy busy time for this industry, Watermark got it do...
Very competent and friendly service!
Jane | La Jolla | 9/10/2020
Ameer, Maureen, and Gayle were very friendly and easy with whom to work. Ameer patiently explained each step in the process. The loan process was not complicated and went smoothly. I’m very pleased with Ameer and his team. I would not hesitate to call on him again.
Great Experience
Dan Gardner | Santa Clarita, CA | 9/18/2020
Such an easy and great experience refinancing with Watermark. Everything went seamlessly and I was able to complete everything online. I never had to leave my house as they sent someone over to sign the final closing documents. Travis was always available to answer any questions and would get back ...