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Watermark Home Loans is an reasonably priced mortgage lender for debtors who’ve monetary conditions which may forestall them from qualifying for a conforming mortgage. It affords mortgages for many who have a recent chapter or foreclosures on their credit score report, these with excessive debt-to-income ratios, and self-employed debtors. But it does not disclose charges on its web site.
Watermark Home Loans Mortgages
Types of Loans Offered
Conforming, jumbo, FHA, VA, USDA, reverse mortgages, non-QM
- Easy digital expertise
- Remote closing choice
- Offers loans for these with recent bankruptcies or foreclosures
- No approach to see charges with out offering contact info
- Doesn’t disclose lender charges
- Not available in Alaska, Missouri, New York, Rhode Island, or Vermont
Product Details
- Available in 45 states and Washington, DC
- Offers jumbo mortgage quantities as much as $5 million
- Minimum credit score rating and down fee displayed are for conforming mortgages.
Overview of Watermark Home Loans
Watermark Home Loans is a web-based mortgage lender headquartered in Irvine, California. It presently lends in 45 states and Washington, DC. If you are shopping for a home in Alaska, Missouri, New York, Rhode Island, or Vermont, you will not be capable of get a mortgage with this lender.
Watermark Home Loans Offerings
Conventional Loans
Watermark Home Loans affords conforming loans, a kind of standard mortgage and the most well-liked mortgage product amongst debtors.
Jumbo Loans
Watermark additionally affords jumbo loans for debtors who want a mortgage that exceeds the conforming mortgage restrict. Its jumbo loans are available in quantities as much as $5 million.
To qualify for a jumbo mortgage from this lender, you may want a ten% down fee.
FHA Loans
Watermark says that credit score scores under 620 “could also be accepted” on its FHA loans. Typically, FHA loans enable scores right down to 580 with a 3.5% down fee, or 500 with 10% down. But necessities differ by lender.
VA Loans
Watermark Home Loans affords VA loans for eligible debtors who meet minimal service necessities.
USDA Loans
You might qualify for a USDA mortgage from Watermark you probably have a low-to-moderate revenue and dwell in an eligible rural or suburban space.
Non-QM Loans
For debtors who do not qualify for a conventional mortgage, Watermark affords non-QM loans.
Non-QM loans might be helpful for many who have the flexibility to repay a mortgage however do not qualify with the usual mortgage underwriting course of.
Watermark’s non-QM choices are geared towards debtors who:
- Have a recent chapter or foreclosures on their credit score report
- Have a excessive DTI
- Are self-employed and wish to use their financial institution statements as proof of revenue
It additionally has interest-only mortgage choices.
Reverse Mortgages
This lender additionally has reverse mortgages for seniors who wish to faucet into their home’s fairness.
Watermark Home Loans Mortgage Interest Rates and Fees
Competitive charges and common charges
According to Business Insider’s evaluate of Home Mortgage Disclosure Act data, Watermark’s mortgage charges are barely decrease than common.
Watermark Home Loans discloses few particulars about its mortgages on its web site. On its “calculators” web page, it shows some mortgage charges, however these are nationwide common charges, not its personal pattern charges.
To study extra concerning the charges Watermark affords, you may must click on on the “Get My Quote” field on the prime of its web site and supply contact info.
Many mortgage lenders show just a few pattern mortgage charges on-line to present debtors an concept of the charges they provide. Some even have instruments that allow you to see custom-made charges based mostly in your location, credit score rating, mortgage quantity, and different info.
In 2022, the common borrower getting a standard mortgage from Watermark Home Loans paid $3,477 in origination costs, based on HMDA information. This is round common in comparison with different lenders.
Watermark Home Loans Overall Lender Rating
Loan Types: 4 out of 5
Watermark affords an excellent vary of mortgage varieties that may meet most debtors’ wants. But it does not have home fairness loans or HELOCs.
Affordability: 4.5 out of 5
We assume Watermark is a really reasonably priced mortgage lender because of its robust government-backed mortgage choices and non-QM choices.
Customer Satisfaction: 4.84 out of 5
Watermark has very constructive buyer critiques on its Zillow profile, with a median score of 4.84 out of 5 stars, based mostly on over 1,000 on-line buyer critiques.
Trustworthiness: 5 out of 5
Watermark Home Loans has an A+ rating from the Better Business Bureau. BBB grades are based mostly on an organization’s honesty in promoting, transparency about its business practices, and effectiveness in responding to buyer complaints.
Watermark Home Loans Pros and Cons
Advantages of Choosing Watermark Home Loans
This lender affords a handy on-line utility and distant closings, making the method easy from begin to end. If you are searching for a digital-friendly lender, you may like Watermark.
It’s additionally a good selection for debtors in want of a non-QM mortgage.
Potential Disadvantages
Watermark Home Loans lacks transparency in relation to its charges and costs. We did discover that its charges are comparatively low and its charges are round common, based on HMDA information. But for those who’re trying to discover the lender’s present charges, you may want to supply your title, cellphone quantity, and electronic mail.
How to Apply
Watermark affords a totally on-line mortgage expertise, and you can begin an utility on its web site. You might also apply over the cellphone for those who desire.
Customer Service and Experience
Busines Insider checked out constructive and destructive buyer critiques, on-line boards, BBB complaints, and different sources to grasp what debtors take into consideration Watermark Home Loans.
Customer Feedback on Watermark’s Service
We noticed many critiques and feedback from earlier debtors that talked about Watermark’s nice customer support and useful mortgage officers.
We additionally noticed a handful of critiques describing a bumpy course of with poor communication. But in comparison with the big quantity of constructive critiques, we do not assume that is indicative of a bigger drawback with the lender.
Compare Watermark to Competitors
Watermark Home Loans vs. New American Funding
New American Funding and Watermark are each good lenders for debtors with distinctive monetary conditions.
While Watermark has mortgage choices for these with recent dings on their credit score and excessive debt-to-income (DTI) ratios, New American Funding has choices that allow debtors with no credit score historical past use non-traditional credit score to qualify. Non-traditional credit score can embrace issues like offering your hire fee historical past to point out you’ve an excellent monitor report of constructing on-time funds.
New American Funding has just a few extra choices than Watermark Home Loans, together with its I CAN mortgage which helps you to select any mortgage time period between eight and 30 years.
New American Funding can be featured in Business Insider’s information to the very best low credit score rating mortgage lenders.
New American Funding Review
Watermark Home Loans vs. NBKC Bank
If a straightforward on-line expertise if necessary to you, NBKC Bank and Watermark are each stable choices. For those that desire a lender with a little bit extra fee transparency, NBKC Bank permits you to get custom-made quotes commitment-free utilizing its on-line fee calculator.
But you probably have a novel monetary scenario, Watermark’s non-QM choices would probably higher fit your wants.
NBKC Bank Review
Watermark Home Loans FAQs
Watermark Home Loans is a mortgage lender. Lenders differ from mortgage brokers in that brokers aid you evaluate affords from a wide range of lenders. They do the legwork of buying round and pulling collectively info from a number of lenders. Brokers do not lend mortgages; for that, you may work with a lender.
Watermark Home Loans is a totally on-line lender. Its headquarters are positioned in Irvine, California.
Yes, Watermark Home Loans is an actual lender with constructive on-line buyer critiques and an A+ score from the BBB.
Watermark affords a wide range of totally different standard and government-backed mortgages, together with conventional mortgages, reverse mortgages, and non-QM loans.
Watermark Home Loans affords a straightforward on-line utility which you can full out of your pc or cell phone.
Watermark Home Loans affords barely decrease than common charges, based on HMDA information.
Overall, earlier clients appear more than happy with their expertise borrowing from Watermark Home Loans. The lender has a 4.84 out of 5-star score on Zillow, based mostly on over 1,000 buyer critiques.
Watermark affords aggressive mortgage charges and common charges in comparison with different lenders. It additionally has a variety of mortgage choices that may meet most debtors’ wants.
Why You Should Trust Us: How We Reviewed Watermark Home Loans
For our evaluate of Watermark Home Loans, we used our methodology for reviewing mortgage lenders.
We have a look at 4 components — mortgage varieties, affordability, buyer satisfaction, and trustworthiness — and provides every a score between 1 and 5, then we common these individual rankings for the general lender score. Lenders get larger rankings if they provide numerous mortgage varieties with reasonably priced options, have constructive buyer critiques, and have no recent public controversies.
