Watermark Home Loans Mortgage Review 2020

By Erik J. Martin

About our reviews

Bankrate’s editorial team researches, reviews and rates lenders to help you find one that fits your needs. Our experts consider a range of factors, including rates, loan types, time to close, fees and more. Reviews are updated regularly. Bankrate is an independent, advertising-supported comparison service. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy.

Watermark Home Loans

NMLS: 1838

State License: CFL Lic 603J352

Bankrate Score

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3.7

User reviews
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( 712 )

4.9

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.

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
  • Interest-only loans
  • Piggyback (80-10-10) loans
It also offers rate-and-term refinancing, cash-out refinancing, reverse mortgage loans, co-op and non-warrantable condo loans, renovation loans, investment property loans, manufactured housing loans and loans to the self-employed.

Nationwide availability

Available in 40 U.S. states and the District of Columbia; not available in Illinois, Iowa, Kansas, Missouri, Montana, New York, North Dakota, Rhode Island, South Dakota and West Virginia

Minimum credit score

620 for conventional loans; 580 for FHA, VA and USDA loans; 620 for jumbo loans

Loan types

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 refinancing

Pros

  • Relatively quick approval process
  • Free rate quote and rate watch
  • Zero closing cost and application fee options
  • Offers “piggyback” (80-10-10) loans that prevent paying private mortgage insurance

Cons

  • Doesn’t offer home equity loans or home equity lines of credit (HELOCs)
  • Loans aren’t available in 10 states: Illinois, Iowa, Kansas, Missouri, Montana, New York, North Dakota, Rhode Island, South Dakota and West Virginia
  • No brick-and-mortar branch locations

Find your mortgage match

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

Watermark Home Loans overview

Loan types

  • 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
  • Loans to the self-employed
  • Refinancing including rate-and-term refinancing and cash-out refinancing

Lender fees

Watermark Home Loans fees, including origination fees, vary by loan type. Its 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 580 or higher). Depending on the loan, a minimum down payment of 3.5 percent is usually required (zero down for VA or USDA loans).

Get started with Watermark Home Loans

Borrowers can apply online or by phone. If you apply online, a representative will contact you.

Hours

Monday - Friday: 8 a.m. - 5 p.m. PST Saturday: 9 a.m. - 3 p.m. PST Sunday: Closed Contact: 800-896-9374

Watermark Home Loans consumer rating and reviews

4.9 reviews
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97% recommended

Watermark Home Loans is a Fannie Mae, Freddie Mac and Ginnie Mae nationwide direct lender and loan servicer specializing in Conventional, FHA, VA, USDA and Jumbo purchase and refinance loans.

  • Quick approval process for purchases and refinances!
  • No obligation quotes and free rate watch emails!
  • No closing cost options for all programs!

Customer Service Rating

Knowledge
4.8
Level of service
4.9
Professionalism
4.9
Responsiveness
4.9
0 out of 0 rates honored
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(712 reviews)
5 Star
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1 Star
681
11
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20

The 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.

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Showing 10 of 50 Reviews
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Richard
Davie, FL

9/27/2019

Fantastic Broker

Doug Gintzler helped my wife and I refinance our home thru Watermark. He was a pleasure to work with. Whenever we had a question he responded quickly and was very well informed. He also helped us lock in a great interest rate. I highly recommend Doug Gintzler and Watermark.

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Joseph
Nevada

10/3/2019

Great Experience!

I had a great experience with Watermark and my Mortgage Banker Ameer. I will recommend to others.

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Ajay
Issaquah

10/4/2019

Whole refinance process made so smooth

I worked with Jody Lee Canfield from Watermark loans and she made my refinance process look very easy and smooth. She gave the best available rate along with lender's credit. I would defiantly recommend working with her.

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Darlene Phillips
Las Vegas, NV

10/8/2019

Great Experience

We worked with Jody Lee Canfield and Sandra Dodd from Watermark loans and they made our refinance process very easy and smooth. We were given the best available rate. Response to calls and emails was very quick and we were always kept in the loop on each step of the process. I would defiantly recom...

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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MB
Denver, CO

10/10/2019

Highly Recommend Ameer at Watermark

A big THANK YOU to Ameer for all his hard work in getting our refinance completed. He was always so clear and communicative. I appreciated that every time I had a question, he picked up my numerous phone calls and was always there. The one time he didn't pick up right away, he called me back sinc...

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Kyle
California

10/14/2019

Definitely Recommend!

Jesse was accessible and transparent throughout the entire re-financing process. He helped us work through a few minor issues and answered all of our questions thoroughly. Would definitely recommend him to others!

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Sky and Marlene Frost
Henderson Nevada

11/2/2019

I worked with Jody Canfield Great experience .

Watermark and Jody Canfield was a great choice I had contacted several other mortgage companies but finally found Jody and watermark I'm so glad that I found them. If you're looking for a mortgage new or refinance save yourself time and start with watermark and ask for Jody Sky and Marlene Frost

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Rick C
Middleburg VA

11/7/2019

Great experience with Watermank

Doug Gintzler really provided first class service.

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Laurie
California

11/13/2019

Done Many Loans and They Were the Best

I have done numerous loans for property I have owned over the years and Mark Hoagland and his processor, Rosa, were by far the easiest and best to work with. And I am in the real estate field myself so I have seen it all!

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Gonzalo R
Maryland

11/14/2019

Accommodated a quick close!

Bottom line: I had a relatively quick closing timeline and Watermark helped me meet that target. I received a great rate with a lender credit as well. Communication could have been a bit better, but I can't argue with the final outcome. Thank you for all your efforts!

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes