Watermark Home Mortgage Lending Review 2021


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Watermark Home Loans is a mortgage lender based in Irvine, California and licensed to lend in 38 states. Besides common, giant, and government loansIt also offers several niche products such as interest-bearing loans and reverse mortgage

If you have any questions, clients should speak to a loan officer by calling or filling out an online quote request form. It was very easy for us to contact the loan officer as we received a call back from the loan officer within minutes of completing the online rate request.

Applying for a quote online is a little awkward. It is possible, but there is no clear call to action. It took some trial and error to find where to start this process.

Pros and cons of watermarked home loans


  • Has standard standard and large loan products in addition to FHA and VA loans.

  • There are various niche loan options available, including reverse mortgages and interest-only loans.

  • Pleasant customer experience


  • Creates mortgages in only 38 states

  • Fares and fees are not available online

  • The website has limited educational resources

  • For more information on loan programs, you must contact a loan officer.

  • The website is not intuitive with the application process

Home Loans Watermark: Loan Types and Products

Watermark Home Loans Offers Mortgages For Those Who Want purchase or refinancing House. Loans are available for primary homes, second homes and investment homes, although some loan programs may have certain restrictions.

Here is a complete list of the types of mortgages offered by the lender:

Watermark provides very little online information about its loan programs. Jumbo loans are offered up to USD 3 million for loans exceeding appropriate county loan limitsbut clients should speak with a loan officer for more information on rates, fees, loan conditions and loan requirements.

The watermark advertises the availability VA credits as a product for people with a military background. These loans can enable eligible clients to purchase a home with certain flexibilities such as no down payment, no additional monthly costs mortgage insuranceas well as waive the VA loan financing fee.

Home Loan Transparency Watermark

Watermark Home Loans does not provide any information on rates and fees on its website. Except for a summary of VA loans, the lender does not provide a minimum down payment. credit rating requirements, or details of the credit program. Clients also cannot use educational content to understand the loan process or basic mortgage terminology.

You can apply for a quote online in a roundabout way. At first glance, it may seem that there is no way to apply online, since by clicking the “Apply now” button on Web site leads customers to a form to provide contact information for a call back. However, following the “Login” and then “Register” prompts, we found that it was possible to apply online. Despite this unintuitive process, we received a call in a matter of minutes. However, talking to a loan officer on the phone is the only way to find out the interest rate. The phone call was pleasant, which is in line with Watermark’s emphasis on delivering quality customer service.

Housing Loans Watermark: Rates and Fees

Watermark Home Loans only provides customized rate quotes and clients should speak with a loan officer. However, a specific list of fees is not provided with a quote. To obtain Loan valuation (LE) with a list of commissions, customers must submit a complete loan application and allow them to receive their loan. Please be aware that rates may change on a daily basis and third party fees are dependent on your specific loan scenario.

As you study your LE, make sure the rates do not include discount points so you can get a better apple to apple comparison with LE from other lenders. When shopping around, be aware that many lenders offer various combinations of rates and commissions. Lower rates imply lower monthly payments over the life of the loan, but may come at the expense of higher upfront costs in the form of discount points. Higher interest rates may offer loans to cover your upfront closing costs, but at the expense of higher monthly loan payments.

According to the loan officer we spoke with, the minimum credit rating depends on the loan program. Eligible loans require a minimum of 620 credit scores, while large loans vary depending on the borrower.

Watermark Home Loan Refinancing

The watermark allows customers to apply online, although their website is a little confusing. Clicking the “Apply” button on the website only directs you to a form where you request a call back from one of their loan officers. Instead, you’ll want to click the Login button and then Register to be able to submit an online application.

Once applied, the Watermark process is similar to many other lenders. A Loan Estimate (LE) will be provided along with the disclosure of the loan, rate fixing options will be presented, and the lender will provide a list of clauses required from the client. Required items may include appraisal inspection houses, income documents and explanations of the borrower to correct any inaccuracies. Once everything has been submitted, the Watermark underwriting department will review the goods. Then the final loan documents will be formed for signing.

Watermark charges registration fee $ 1,499 on their loans. Third party fees will also apply, but a complete list of fees cannot be provided. We were told that they can vary depending on a number of characteristics of the loan. For example, fees can vary depending on the location of the property, loan amount, home assessed value, type of employment, and credit rating.

Home Loans Watermark Compared To Other Mortgage Lenders

Housing Loans With Watermark Carrington Mortgage Services Wintrust Mortgage
Minimum credit rating 620 for regular programs, other programs may differ 620 for regular, 500 for FHA, VA and USDA 620 for FHA, 640 for conventional
Minimum down payment From 0% to 3%, depending on the loan program From 0% to 3.5% depending on the loan program 0% for VA, other programs may vary
Where does the lender work? 38 states 48 states and Washington, DC All 50 states
Main types of loans Buy, Refinance, Regular, Large, FHA, VA, Interest Rate, Reverse Mortgage, Fixed Rate, Adjustable Rate Regular, Large, FHA, VA, USDA, Refinancing, Adjustable Rate, Fixed Rate Regular, jumbo, FHA, VA, USDA, construction, renovation, refinancing, HELOC

How to shop around to get the best mortgage rate

When choosing the best mortgage rate, it is also important to consider all commissions and discount points in LE. Lenders may offer a lower interest rate, but this may be due to discount points that lower the rate, but you must make a purchase ahead of time at the close of the deal. Similarly, higher interest rates can be applied by lenders offering loans.

Before making a final decision, you should always ask Loan valuation (LE). This step often requires a lender to take your loan. The advantage of having an LE in hand is that you can make accurate comparisons with other LEs. Fees can vary depending on the loan amount and down payment, so if you are comparing loan ratings between lenders, you should make sure that they all refer to the same loan scenario.

Bottom line

Watermark Home Loans offers standard products such as regular, large loans and FHA / VA loans. Several niche products are also available such as reverse mortgages and interest-only loans. However, since the lender offers limited information online, this may be better for those who are knowledgeable or experienced in the mortgage process and who are already prices for purchases from other lenders

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