Watermark Home Loans Mortgage Review 2023

How Bankrate scored Watermark Home Loans

To determine Watermark Home Loans’ Bankrate Score, Bankrate’s editorial team rated it and other 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.) We derived its overall score by considering three basic factors:

• 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.

• Methodology

  Bankrate's expert editorial team gathers mortgage lender information through a variety of means, including direct contact with lenders, regulatory filings and assessments by reputable third parties. Our research takes into account three main factors: affordability, availability and borrower experience.

  Bankrate's mortgage reporters and editors have decades of experience covering the mortgage industry. Based on the three main criteria, our team evaluated more than 85 lenders, assigning each a Bankrate Score out of five stars. Here's how we assess each factor:

  • Affordability. What loan programs does the lender offer, and how quickly will your application be approved and processed? We evaluate lenders for loan timelines and diversity of mortgage products.
  • Availability. Another factor is how quickly your loan application will be approved, and how many loan programs the lender offers. So we evaluate approval and closing timelines and diversity of loan products.
  • Borrower experience. Finally, we delve into what it's like to deal with the lender as a consumer, including the lender's application process and availability of customer service support.

  Bankrate's methodology page spells out our rating process in greater detail.

  Our editorial team confirms the accuracy of data at the time of publication and is dedicated to maintaining the timeliness of information.

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.

How to apply for a mortgage with Watermark Home Loans

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.

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

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.