Watermark 2022 Mortgage Loan Review

Insider’s experts select the best products and services to help you make wise decisions with your money (here’s how). In some cases we receive a commission from our partners, but our opinion is our own. The conditions apply to the offers listed on this page.

Types of loans offered

Compliant, Jumbo, FHA, VA, USDA, non-QM

Types of loans offered

Compliant, Jumbo, FHA, VA, USDA, non-QM

advantages
  • Simple digital experience
  • Possibility of remote closing
  • Offers loans to people with recent bankruptcies or foreclosures
Disadvantages
  • No way to see prices without providing contact information
  • Does not disclose lender fees
  • Not available in Alaska, Missouri, New York, Rhode Island or Vermont
More information
  • Available in 45 states and Washington, DC
  • Offers up to $5 million in jumbo loans
  • The minimum credit rating and down payment shown are for conforming mortgages.

Overall rating of the lender

Advantages and disadvantages

Mortgage Interest and Fees for Watermark Home Loans

Watermark Home Loans discloses few details about its mortgages on its website. It does list some mortgage rates on its Calculator page, but those are national average rates, not its own example rates.

To find out more about Watermark’s offerings, you must click on the ‘Request My Quote’ button at the top of the site and provide contact information.

Most mortgage lenders will display a few mortgage rate examples online to give borrowers an idea of ​​the rates they are offering. Some even have tools that allow you to view adjusted interest rates based on your location, credit history, loan amount, and other information.

Some lenders also provide disclosures that include information about the lender fees that they charge borrowers. Lender fees can include things like a processing fee or a fee for retrieving your credit report. Watermark Home Loans does not disclose the lender fees it charges online.

Watermark Home Loan vs. New American Funding

New American Funding and Watermark are both good lenders for borrowers with unique financial situations.

While Watermark offers mortgage options for those with recently compromised credit ratings and high debt-to-income (DTI) ratios, New American Funding offers options that allow borrowers with no credit history to use non-traditional credit to qualify. Non-traditional loans can include things like providing your rent payment history to show you have a good track record of making payments on time.

New American Funding has a few more options than Watermark Home Loans, including its I CAN mortgage, which lets you choose any term between eight and 30 years.

Watermark Home Loans vs. NBKC Bank

If a simple online experience is important to you, NBKC Bank and Watermark are both solid options. For those who prefer a lender with a bit more interest rate transparency, you can get no-obligation tailored quotes with NBKC Bank with their online interest rate calculator.

But if you have a unique financial situation, Watermark’s non-QM options would likely better suit your needs.

How Watermark Home Loans works

Watermark Home Loans is an online mortgage lender headquartered in Irvine, California. It currently lends in 45 states and Washington, DC. If you’re buying a home in Alaska, Missouri, New York, Rhode Island, or Vermont, you can’t get a mortgage with this lender.

Watermark offers a complete online mortgage experience and you can apply on their website. You are also welcome to apply by telephone.

This lender has conforming, jumbo, FHA, VA, USDA, and non-QM mortgages.

The “QM” in “Non-QM” refers to qualifying mortgages. Qualifying mortgages meet certain criteria set by the Consumer Financial Protection Bureau. These mortgages tend to be less expensive and less risky for both the lender and the borrower, but non-QM loans can be beneficial for those who are able to pay off a mortgage but don’t care for the default – Qualify mortgage lending procedures.

Watermark’s non-QM options are for borrowers who:

  • Have a recent bankruptcy or foreclosure on their credit report
  • Have a high DTI
  • Are self-employed and want to use their bank statements as proof of income

It also has interest-free mortgage options.

Watermark Home Loans requires compliant mortgage loans to have a minimum credit rating of 620 and a 3% down payment.

If you have any questions about this lender, you can contact us by phone or email.

Can Watermark Home Loans be trusted?

Watermark Home Loans is rated A+ by the Better Business Bureau. BBB ratings are based on a company’s honesty in advertising, transparency of its business practices, and effectiveness in responding to customer complaints.

Watermark has very positive customer reviews on their Zillow profile with an average rating of 4.84 stars out of 5.

Watermarked Home Loan Frequently Asked Questions

Is Watermark Home Loans a lender or a broker?

Watermark Home Loans is a mortgage lender.

Lenders differ from mortgage brokers in that brokers help you compare offers from different lenders. They do the legwork of poking around and collating information from multiple lenders so you can easily decide which one offers the best deal. Brokers don’t lend mortgages; To do this, you work with a lender.

Where is Watermark Home Loans located?

Watermark Home Loans is a fully online lender. Headquarters is in Irvine, California.

Are Watermark Home Loans Legit?

Yes, Watermark Home Loans is a genuine lender with positive online customer reviews and an A+ rating from the BBB.

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