Watermark Mortgage Rating | The climb

Top perks

Wide range of mortgage products

Watermark is a flexible lender that offers a very wide range of home loan options to meet the needs of most residential property borrowers.

To that end, Watermark Mortgage offers Conventional Loans, FHA Loans, VA Loans, and Jumbo Loans, as well as the harder-to-find USDA loan. Here are some of the other options you can find at Watermark:

  • Bank statement loan: for self-employed borrowers who want to use cash flow instead of tax returns for qualification
  • Piggyback Loans: To help you make a bigger down payment and avoid mortgage insurance

Flexible underwriting

Watermark Mortgage offers several ways to get a home with a low down payment, lower credit score, or higher DTI.

If you qualify for a VA loan or USDA loan, your down payment can be zero. If not, you can get one of two traditional 97 mortgage options with a 3% down payment. Some conventional loans are for first time home buyers and others are for borrowers who meet the income guidelines. You can also check out an FHA loan that requires a 3.5% down.

All of these loans have flexible creditworthiness and debt-to-income guidelines.

Very low prices

Watermark Mortgage offers very competitive mortgage rates. When we checked, the price was below the national average.

Borrowers who expect to own a home for an extended period of time can lower the interest rate even further by paying a commitment fee. If you prefer to cut your out-of-pocket expenses, Watermark Mortgage offers a loan with no closing costs.

Fully remote controlled closing

For loans that allow it (and in places where it is legal), Watermark can deliver a fully digital experience right through to your loan close. You can apply, provide documentation, track your loan and close from a location of your choice.

What could be improved

Difficult to find information

Watermark does not provide any information about its rates or mortgage products online. You will need to speak to a loan officer to find out these details. If you are sensitive about sharing your contact information, it can be an obstacle.

Not nationwide

Watermark mortgages are not available everywhere. According to its website, Watermark is a licensed mortgage lender in the following states:

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