Morty review

ByTop10.com StaffAug. 20, 2020

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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 the best rates from a trusted and verified network of lenders. Morty also offers plenty of features to help home buyers begin their mortgage application from the best position possible.

pros

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

cons

  • Only available in 31 states
  • Strict credit report requirements

Morty at a Glance

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

Morty Morty Visit Morty

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.

Best 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 best fits your needs.
  • Free loan consultation: Morty’s team of licensed mortgage experts 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.

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 lowest APR. 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

Morty Morty Visit Morty

Morty customer testimonials

ExcellentReviews 40
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Excellent
95%
Great
3%
Average
0%
Poor
0%
Bad
2%
  • author
    els
    15 hours ago
    Morty was absolutely amazing at every…

    Morty was absolutely amazing at every step. They were able in record time to provide me with a very competitive rate and the follow-through team (Derek and Keegan) provided incredible transparency and patience at every step. They were very responsive whenever I needed help, and the platform to track progress, tasks and exchange documents is extremely friendly and very helpful. I am convinced that thanks to Morty I was able to close 3 weeks earlier than the attorneys believed possible and with a more competitive rate.

    ...

  • author
    F. L.
    a day ago
    Professional, fast and easy

    This is my first time buying a home. When I was signing papers at closing, my lawyer and her assistant kept on commenting on how professional and well organized Morty team is. They say most broker you don’t hear from them, but Kegan was on task the whole time. They were very impressed. I chose Morty because how easy and fast it is to view rates, change my plan and upload paper work on the website. I’m a visual person. Being able to see is so much better than just hearing people on the phone

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  • author
    Jack Nance
    2 days ago
    Great Rates, Technology, & Service

    What initially hooked me with Morty were their competitive rates. What kept me with them was the technology and unbelievably fantastic team. First, the ability to pull Pre-Approval letters within minutes was instrumental, especially in this insanely competitive housing market where a house listing could last as little as 2 days! (It happened) And of course the entire crazy process of getting the final approval and closing, they were just the best. Would recommend Morty to anyone looking to purchase a home in any start they currently provide service. Thanks guys! Cheers.

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  • author
    Ross
    3 days ago
    Efficient and Competitive

    My experience with the Morty team exceeded my expectations. My broker Derek was responsive and helpful. Morty was able to quickly secure the best loan terms that met my criteria. Underwriting was also pretty smooth in that I was always clear as to required documentation through the online portal. I will definitely recommend Morty to my family and friends.

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  • author
    Megan Y
    Sep 17, 2020
    Morty is great!

    We had a great experience using Morty! Nick helped us secure a great interest rate and was always available to answer questions. When our closing hit a little snag at the last minute, he helped us keep our rate and got us over the finish line!

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