Morty Online Mortgage Review

Overview

Morty is a licensed mortgage broker, but it is also much more than that. Morty is a mortgage marketplace with a wide range of lenders.  According to Morty, its mission is to empower home buyers to confidently secure and finance their home purchase online. Morty objectively 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 works with first-time buyers purchasing a primary residence as well as 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 supports conventional home loans, jumbo loans, and loans for investment properties as well. It doesn’t offer FHA loans, mortgage refinancing, home equity loans, or renovation loans. 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 in just minutes.
• Browse rates and loan options: 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 44 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 2016 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. At a minimum, Morty works with buyers purchasing a primary residence with a credit score of at least 620.   

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 a home, have great credit, and live in one of the 44 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 and marketplace, 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? Currently, the Morty platform is open to homebuyers purchasing a primary residence, second home, or an investment home.

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