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Watermark Home Loans may be a solid option for first-time homebuyers with its government-backed options and borrowers looking for jumbo loans of up to $10 million. But watch out for surprise fees at closing.
Loan products offered | Conventional, Refinance,Jumbo, VA, USDA, Reverse |
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Minimum credit score | FHA: 580 |
State availability | Not available in: IL, IA, KS, MO, MT, NY, ND, RI, SD, WV |
Watermark Home Loans doesn’t publish all of its fees online. But its website advertises that it doesn’t charge an application fee. It charges a $1,499 origination fee, but claims to offset it with a lender credit of up to $1,499.
You should still expect to pay third-party fees, such as appraisal fees and title report fees. Speak to a loan officer for details about fees for your loan product.
Although Watermark Home Loans doesn’t list out its requirements for its loans, most lenders want to see:
During the loan process, you’ll need to submit the following documents:
To apply for a loan with Watermark, start by filling out its online form to get a rate quote. You don’t need to share your Social Security number, but a loan officer uses your personal info to contact you to complete an application. Start your application:
Watermark Home Loans is an accredited business with the Better Business Bureau (BBB) and has an A+ rating. Many customers comment about Watermark Home Loans’ competitive rates. But a few customers complain that loan amounts were lower at closing than what they were promised. That meant the lender credit did not fully cover the origination fee, and they had to pay the difference in cash.
Watermark Capital Inc. operates under the name “Watermark Home Loans.” It’s an NMLS mortgage lending company that was founded as a small mortgage brokerage in 2006. This direct, nonbank nationwide lender is headquartered in Irvine, California.
Review by
Kimberly Ellis is a writer at Finder. She hails from New York City with a BA from Queens College and a New York State teaching certificate. After teaching in both public and private schools, Kimberly decided to take the world by storm and dive into the media industry — where she covers everything from home loans and investing to K–12 education and shopping. She’s also an aspiring polyglot, always in a book and forever on the hunt for the perfect classic red lipstick.
Watermark Home Loans has a full suite of loan options with competitive rates for a variety of borrowers, including those with poor credit. But customer experience has been less than stellar. We had trouble connecting with a loan officer despite multiple requests by phone, website and email. And many users complain about underwriting delays, which forced them to extend their rate lock for a fee. Although Watermark Home Loans advertises $0 closing costs, users inexplicably ended up having to pay out of pocket for some origination fees.