Watermark Home Loans Mortgage Review 2021

By Erik J. Martin

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

Watermark Home Loans

NMLS: 1838

State License: MC-4344

4.4

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Loans 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 refinancing
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Nationwide 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 Dakota
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Min. credit score required

620 for conventional loans; 620 for FHA loans; 620 for VA loans; 580 for USDA loans; 680 for jumbo loans

Pros 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
The lender also offers rate-and-term refinancing, cash-out refinancing, reverse mortgage loans, renovation loans, investment property loans, manufactured housing loans and loans to the self-employed.

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

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764 reviews

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725
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Customer service rating

Knowledge
4.9
Level of service
4.9
Professionalism
4.8
Responsiveness
4.9

96% of reviews would recommend this lender

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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.

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Jody Canfield of Watermark did a great job!!!

Lance L | Las Vegas | 7/30/2020

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The best experience among several refis

Steve C | Glendale, CA | 8/3/2020

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great experience!

marsha ferrall | newport beach, ca | 8/7/2020

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Absolutely the Very Best People and Process

Richard and my happy wife | Diamond Bar, California | 8/26/2020

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Super Cheap Rates!

Carlos Campos | Bakersfield CA | 8/27/2020

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Great Experience!!

PAG | Florida | 8/28/2020

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Great Experience with Watermark Home Loans!

Sharis D | Burbank, CA | 8/31/2020

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Internet Refi’s are Scary but not with Watermark

E Johnson | San Rafael, CA | 9/1/2020

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Very competent and friendly service!

Jane | La Jolla | 9/10/2020

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Great Experience

Dan Gardner | Santa Clarita, CA | 9/18/2020