Watermark Mortgage Review | The Ascent

Top perks

Large selection of mortgage products

Watermark is a flexible lender offering a very large variety of home loans to suit 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 to qualify
  • Piggyback loan: to help you make a larger down payment and avoid mortgage insurance

Flexible underwriting

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

If you qualify for a VA loan or a USDA loan, your down payment can be zero. If not, you can get one of two 3% down payment conventional 97 mortgage options. Some conventional 97 loans are for first-time home buyers, and some are for borrowers who meet income guidelines. You can also look at an FHA loan, which requires 3.5% down.

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

Very low rates

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

Borrowers who expect to own a home for a long time can buy down the rate even farther by paying an origination fee. If you prefer to lower your out-of-pocket costs, Watermark mortgage offers a loan with no closing cost.

Fully remote closing

For loans that allow it (and in locations where it’s legal), Watermark can provide a fully digital experience, up to and including your loan closing. You can apply, provide documentation, track your loan, and close from the location of your choice.

What could be improved

Hard to find information

Watermark doesn’t give information about its rates or mortgage products online. You have to talk to a loan officer to get those details. If you’re sensitive about sharing your contact information, this could be an obstacle.

Not nationwide

Watermark Mortgage is not available everywhere. According to its website, Watermark is a licensed mortgage lender in these states:


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