Morty is not a direct mortgage lender. It’s an online mortgage broker that helps borrowers find the best loan option and a low rate from among numerous lending partners.
Morty’s loan options include mortgages for home buying or refinancing. However, you can only use the company to refinance if you previously used it to buy your home.
You can choose between a fixed-rate or adjustable-rate loan, as well as a variety of loan terms.
Morty is only an option if you live in select states, and only if you’re looking for a conventional home loan. It does not offer government-backed FHA, VA, or USDA mortgages.
If Morty fits your needs, you can use its online platform to compare interest rates and see what kind of offer this broker can find for you.
Morty mortgage rates
As an online mortgage broker, Morty works with a large network of lenders— giving borrowers access to over 1,500 loan options.
You can even request sample rates from its website without doing a full application.
Simply enter the home’s purchase price, the size of your down payment, ZIP code, and your estimated credit score. From here, you’ll receive rate information for 30-year and 15-year fixed-rate loans.
Keep in mind that different factors influence mortgage rates, such as your credit score and down payment. And rates vary from lender to lender. So it’s important to shop around for your best offer.
As a mortgage broker, Morty doesn’t provide the loan for your mortgage. Instead, it serves as an intermediary between you and the bank.
This allows for easy comparison shopping since you can compare rates and pricing from multiple lenders after just one application.
Morty mortgage review for 2021
Morty’s mission is to help borrowers find the right mortgage at the right price.
The process of shopping for a mortgage and finding a low rate can be time-consuming. Morty aims to reduce some of that hassle by offering multiple loan options after one online application.
The company offers a few loan options, such as 30-year, 20-year, and 15-year fixed-rate mortgages, depending on how fast you want to pay off the loan.
You can also refinance with Morty — but only if you closed your home purchase loan through the company.
Many borrowers like the convenience of an online mortgage application. But although Morty makes loan comparison simple and fast, this broker isn’t the right fit for everyone.
Currently, Morty only offers conventional home loans on primary residences.
A primary residence refers to dwellings like single-family homes, condos, and townhouses where the borrower plans to live full-time. You cannot use Morty to buy an investment property or vacation home.
You can buy properties with 2 to 4 units, but only if you’ll occupy one of the units yourself.
You cannot use Morty to finance manufactured homes, commercial properties, second homes, or investment properties.
Morty also isn’t the right fit if you’re looking for a government-backed loan (FHA, VA, or USDA). If you want one of these morgages, you’ll have to apply with a different mortgage lender.
Working with Morty
If you decide to apply with Morty, you’ll work with one of the company’s loan experts throughout the entire loan process.
To get started, use the broker’s online sample rate tool to get up-to-date interest rate estimates.
From here, click “Get started” to review your loan options and start the pre-approval process.
You’ll need to provide the property’s address and supporting financial documents, such as:
- Recent bank account statements
- Investment account statements
- W2s and tax returns for the past two years
The lender will also conduct a hard credit pull to determine eligibility.
According to a Morty representative, once you’ve completed these steps and a loan expert reviews your information, you can receive a pre-approval in as little as 15 minutes.
Pre-approvals remain active for three months.
After submitting your loan application, you’ll also receive a Loan Estimate with information on interest rates, terms, and cash-to-close (down payment and closing costs).
Then your loan will go through the underwriting process, which includes scheduling an appraisal to ensure the loan amount isn’t more than the property’s value.
Morty hopes to close most home loans in about three weeks, although closing times can vary for each borrower.
Morty customer service reviews
As a recent startup, Morty doesn’t have a J.D. Power rating. And, there appear to be no complaints filed against the company with the Consumer Financial Protection Bureau.
As for customer reviews, Morty has a rating of 4.43/5 on Zillow and 5/5 on LendingTree. Additionally, the mortgage broker has a rating of 4.5 on TrustPilot out of 68 reviews.
Several customers praised the broker for its simple transactions, great online tools, and excellent customer support.
Others were happy with their mortgage interest rates, and a few customers were able to close in under 30 days.
Mortgage-related complaints at major lenders
Mortgage Originations 2019
Complaints per 1,000 Mortgages
2020 JD Power Rating
|No info||0||0||Not rated|
Mortgage loan products at Morty
Unfortunately, Morty does not offer a wide selection of home loan products.
Fixed-rate options include a 30-year, 20-year, or 15-year loan term.
Adjustable-rate mortgage (ARM) options include a 5/1, 7/1, or 10/1 ARM.
with an ARM, you’ll pay a fixed interest rate for 5, 7, or 10 years, and then the rate can reset every year for the remainder of the loan term (typically 30 years in total).
To qualify with Morty, you need a minimum credit score of at least 680 and no more than one 30-day late payment in the previous 12 months.
You also need a minimum down payment of 5% — or 3% if you’re a first-time homebuyer, according to a representative.
Keep in mind, too, you’re only allowed a debt-to-income ratio (DTI) of up to 43%. This is the percent of your gross monthly income that goes toward debt repayment.
Where can I get a mortgage with Morty?
Morty is an online mortgage broker with no brick and mortar locations.
Borrowers can apply online, but only in states where Morty is licensed. That includes 30 states and Washington, D.C.
Click here to see a full list of states where Morty is available.
Morty mortgage FAQ
Morty is an online mortgage broker that strives to simplify the mortgage process by providing guidance, comparison shopping, and affordable rates. You can use Morty for a conventional loan when buying a home, or to refinance if you previously used the company for your home purchase.
Yes, Morty is a legit company. Morty was founded in 2016 and operates in 30 states plus the District of Columbia. It has a network of lenders and Realtor advisors. Most borrowers can apply and get a pre-approval in under 15 minutes, and often close within three to four weeks. The broker’s team of licensed mortgage experts can provide loan options and rate information.
No, Morty is not a direct lender. The company does not lend money for home purchases or refinances. Instead, Morty is a mortgage broker. It serves as a middleman between you and potential lenders. You can use the company to compare home loan rates and find mortgages to fit your situation.
To get approved for a Morty mortgage, you’ll need a minimum credit score of 680. This is slightly higher than credit scores typically required for conventional mortgages; most lenders will accept FICO scores starting at 620. However, a high credit score can help you qualify for a lower interest rate.
If you’re a first-time home buyer, you can get a mortgage through Morty with as little as 3% down. But if you’re a repeat buyer, you’ll need a minimum down payment of 5%. As is true for any lender, if you put down less than 20%, you will pay private mortgage insurance (PMI). This insurance protects the lender in the event of default.
A mortgage broker doesn’t lend funds. It’s an intermediary between a borrower and a bank. Brokers connect borrowers with different lenders, allowing the borrower to shop around and get multiple rate quotes. Brokers typically work with a network of lenders, helping borrowers find the lowest mortgage rate.
Many borrowers choose to work with a direct lender. This involves getting multiple rate quotes and comparing lenders on your own; however, it gives you full control over the company you choose to work with. A mortgage broker can sometimes save you time and money by comparing loans and rates on your behalf. However, your loan options will be limited to the network of lenders your broker partners with.
Is Morty the best mortgage lender for you?
Morty can be a great option for a select group of home buyers: those looking for a conventional mortgage on a primary residence.
If you’re considering an FHA, VA, or USDA loan, you’ll need to work with a different lender. The same goes for home buyers wanting a second home or investment property.
You’re free to check rates from Morty and decide whether it’s a good option for you.
You can get a rate estimate without submitting a full application, so you can easily see how competitive Morty’s mortgage rates are and decide whether to move forward with the company.