Morty review

ByBestmoney StaffJul. 15, 2021

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In a Nutshell

Morty is an online mortgage broker and personalized service for home buyers. With Morty, home buyers can find low rates from a trusted and verified network of lenders.

pros

  • Competitive rates from network of lenders
  • Online resources
  • Free loan consultation

cons

  • Only available in 31 states
  • Strict credit report requirements

Morty Morty View Rates

Morty at a Glance

Loan types:Purchase
Featured Loans:Fixed, ARM
Repayment terms:15 or 30 years
Suitable for:First-time home buyers

Overview

Morty is a licensed mortgage broker, but it is also much more than that. According to Morty, its mission is to empower first-time home buyers to confidently secure and finance their home purchase online. It accompanies its users through virtually the entire process, making an offer on a home, securing the most suitable rates from lenders, and locking and closing the loan.

Suitable For?

Morty mostly works with first-time buyers purchasing a primary residence, however, it does work with people who are onto their second or third home purchase as well. First-time buyers face unique challenges, and Morty has produced an all-round package that can help users navigate these challenges.

Types of Loans/Products

Morty only supports conventional home loans. It doesn’t offer FHA loans, mortgage refinancing, home equity loans, renovation loans, or any other products. In addition to brokering conventional home loans, it offers the following features.

  • Pre-approval: Provide details on your property, down payment, income, and credit score. If you meet Morty’s eligibility criteria, a pre-approval certificate will be made available for you to download.
  • Browse rates: View and compare daily rates from Morty’s network of verified home lenders in the one place. Choose the loan that fits your needs.
  • Free loan consultation: Morty’s team of licensed mortgage professionals are available for free phone consultations. You can ask them any questions you might have about the mortgage application process.
  • Lock and close your loan: Morty is a broker, meaning you never have to deal directly with your lender. Upload all your documents directly within your Morty profile. Morty’s agents will coordinate with your chosen lender to close your loan.

The Application Process

Morty enables home buyers to get pre-approved, compare mortgages, and close a mortgage from the one platform. Overall, the time from pre-qualification appears to be close to the average for a mortgage broker. Of course, processing times can vary based on your own profile and requirements.

To use Morty, you must meet the following requirements:

  • Purchasing in one of the 31 states (plus DC) where Morty is currently licensed.
  • On credit report, maximum of one 30-day overdue payment.
  • Proof of steady and predictable income, including 2 years’ worth of receipts for any base salary, wages, commissions, tips, and bonuses. Morty doesn’t support inclusion of self-employment income.
  • Proof of assets that you will use to pay the down payment and closing costs. Morty accepts the following sources of funds: checking accounts, savings accounts, cash balances from investment accounts, gift funds, seller credits, and money already paid.

Morty Morty View Rates

Help & Support

Morty has only been around since 2017 but it has already made a splash with customers. Judging by the Zillow customer reviews, users like Morty for the ease of use and hands-on attention from its loan agents. Morty offers all users ongoing consultations from a dedicated agent as part of using its service. To speak to an agent, use the live chat button on the Morty website or apply for pre-approval and wait for them to call you back. Waiting times are typically 5 minutes or less during business hours.

How This Company Compares

Morty beats most other competitors for low APRs. The catch is that it has much stricter requirements than most other mortgage brokers and lenders. At a minimum, Morty only accepts first-time home buyers purchasing a primary residence with a credit score of at least 680. It’s tough to get accepted by Morty, but if you manage to break into the exclusive club, you’re in luck.

Summary

Morty offers something that is hard to find in the mortgage lending industry: a hands-on service that caters to a specific group of mortgage buyers. If you’re in the market for your first home, have great credit, and live in one of the 31 states in which Morty operates, this service is highly recommended. Morty helps users through every step of their mortgage application, making the process far less painful than it can be when going it alone.

FAQs

Is Morty a direct lender? No. As a broker, Morty works with a network of lenders on behalf of home buyers. Morty helps arrange the loan, but the lender underwrites it.

Why isn’t Morty available in every state? Each state has unique licensing procedures. Morty is working on expanding to all 50 states in the future. 

What types of properties are supported by Morty? Morty only accepts first-time buyers purchasing a primary residence. These include single-family homes, both unattached and attached; and homes with 1 to 4 units, provided at least 1 unit is used as the borrower’s primary residence.

What does Morty mean by first-time home buyer? This is anyone who has never had an ownership interest, be it jointly or solely, in a residential property before.

Physical Address

Morty, Inc.

180 Varick Street, Suite 816 

New York, NY 10014

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Morty customer testimonials

ExcellentReviews 118
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Excellent
86%
Great
4%
Average
1%
Poor
3%
Bad
6%
  • author
    B W
    15 hours ago
    SUPER

    The gals and guys at Morty were SUPER responsive when I had questions and made getting an awesome rate painless. Thank you Morty!!

    ...

  • author
    VA Customer
    3 days ago
    Morty gave us exactly what we wanted…

    Morty gave us exactly what we wanted from a mortgage broker. They were organized, able to close on time, and able to get us the best rate we could find.

    ...

  • author
    customer Bill Gentry
    Jul 11, 2021
    These guys are great to work with

    These guys are great to work with, when I had issues they were onto of it. Set a goal and did their best to get it done.

    ...

  • author
    customer
    Jul 07, 2021
    The mortgage process was simpler than…

    The mortgage process was simpler than my first time. Everything is laid out as far what you need and how soon. The team, mainly my point of contact was very responsive and helpful. She didn’t make me feel like a dummy for asking a obvious question.

    ...

  • author
    Jason
    Jul 07, 2021
    Was Skeptical...But I Recommend

    Ian was our mortgage broker - he did a great job and stayed on top of it all. We ended up getting an appraisal waiver, which was great to help expedite the process. I was skeptical to go with an online broker initially, but I appreciated the dashboard to track the progress. Note: house we bought was in Pennsylvania for $715k with 25% down.

    ...