Watermark Home Loans Mortgage Review 2022
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At a glance
NMLS: 1838
State License: MC-4344
3.9
Bankrate Score
Loans offered
Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; construction and renovation loans; bank statement loans; investment property; interest-only; non-QM; reverse mortgage; condo and co-op loans; manufactured home loans; piggyback (80/10/0)
Nationwide Availability
Available in all states except Alaska, Missouri, New York, Rhode Island and Vermont
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
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 good for
Borrowers looking for specific loan options, such as an interest-only loan, VA loan or reverse mortgage
Breakdown of Watermark Home Loans overall score
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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.
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Availability: Watermark Home Loans is licensed in 45 states (as of this review). Note: It isn’t available in New York.
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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
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.
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.
When 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.
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.
Alternatives to Watermark Home Loans
- 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.
Watermark Home Loans consumer reviews
NMLS: 1838
State License: MC-4344
4.9
903 reviews
About consumer ratings
Hover for moreCustomer service rating
97% of reviews would recommend this lender
10 of 10 rates honored
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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.
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Written by
David McMillin
Contributing writer
David McMillin is a contributing writer for Bankrate and covers topics like credit cards, mortgages, banking, taxes and travel. David’s goal is to help readers figure out how to save more and stress less.