Watermark Home Loans Review 2023

Good for: borrowers looking for a solid selection of loan types with some not-so-standard options, such as non-QM loans.
By Phil Metzger 

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Our Take


NerdWallet rating 

The bottom line:

Watermark offers a solid selection of loan products, including government loans and non-QM loans for self-employed borrowers, but you’ll have to contact the lender to see mortgage rates.

Watermark Home Loans
Watermark Home Loans: NMLS#1838
Great for: veterans
Min. credit score
Min. down payment
Loan types and products
Purchase, Refinance, Reverse, Jumbo, Fixed, Adjustable, FHA, VA

Pros & Cons


  • Online capabilities include a full application as well as loan process updates.
  • Watermark offers low rates compared with other lenders, according to the latest federal data.


  • Watermark’s mortgage interest rates are not published online.
  • Watermark says it offers HELOCs, but no details are available online.

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Full Review

What borrowers say about Watermark Home Loans

NerdWallet’s lender star ratings assess objective qualities, including rates, fees and loan offerings. To assess borrowers’ subjective experiences with lenders, NerdWallet has gathered customer satisfaction ratings from Zillow.

  • Watermark Home Loans receives a 4.84, as of the date of publication, according to customer reviews on Zillow. Scores are out of 5 and reflect more than 1,640 customer reviews.

Watermark Home Loans variety of loan types

  • 5 of 5 stars

At Watermark, you'll find purchase, refinance, conventional and jumbo loans plus FHA loans, USDA loans and VA loans. The lender also offers nonqualified mortgage loans, also called non-QM loans, for borrowers who are self-employed and might not show large incomes on their tax returns.

Watermark Home Loans ease of application

  • 5 of 5 stars

Watermark allows borrowers to apply for loans online as well as upload documents, track the loan process digitally and sign documents electronically. The "Apply Now" button on the website leads to a couple of questions about borrower intent and then offers a toll-free number for a loan officer. Or you can select "Continue" for the full online application.

Watermark Home Loans rates and fees

  • 4 of 5 stars

  • Watermark Home Loans earns 3 of 5 stars for average origination fee.

  • Watermark Home Loans earns 5 of 5 stars for average mortgage interest rates. 

Borrowers should consider the balance between lender fees and mortgage rates. Though it's not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive. Some lenders just charge higher upfront fees.

Watermark Home Loans rate transparency

  • 1 of 5 stars

Watermark publishes a sample of national average mortgage interest rates on its website, but you will need to contact the lender for its rates. 

Alternatives to Watermark Home Loans 

Here are some comparable lenders we review that borrowers can consider. 

Rocket Mortgage also offers traditional and cash-out options for homeowners looking to refinance, and Carrington is another top pick for USDA loans.

Getting ready to buy a home? We’ll find you a highly rated lender in just a few minutes.

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More from NerdWallet


NerdWallet’s overall ratings for mortgage lenders are evaluated based on four major categories: variety of loan types (purchase, refinance, fixed and adjustable, for example), ease of application, rates and fees and rate transparency. Among the factors we consider when scoring these categories are options to apply for and track loans online, the level of detail about mortgage rates on lender websites and our analysis of the rates and fees lenders reported in the latest available Home Mortgage Disclosure Act data. These scores generate ratings from 1 star (poor) to 5 stars (excellent).