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Morty review

Reviews 251
Morty
Morty
Excellent
Reviews 251
Bestmoney Staff
Apr. 21, 2022
3 min read
BestMoney Staff
Morty Summary
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 44 states
  • Strict credit report requirements

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

BestMoney Staff
Written by
Bestmoney Staff
Our editorial staff consists of writers who are knowledgeable about financial services. We specialize in simplifying the process of choosing the right provider for your needs.

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Trustpilot reviews
See what some customers are saying about Morty
Excellent • Reviews 251
on
Excellent
87%
Great
6%
Average
2%
Poor
2%
Bad
3%
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Jean McCormick
10 months ago
Easy process!
It was a very easy process! Derek and Tim were terrific guiding me through each stage from securing the loan to finalizing documentation for closing. I felt like I had a team behind me.
Rick Magnus
1 year ago
Will recommend Morty to anyone
Thorough Invested Fast Overall Great Service Working with the Morty team was a pleasure. Their staff is exceptional.
RS
Ryan Snitzer
1 year ago
I had a great experience from start to close!
I had a great experience from start to close with Morty, who helped me purchase a new build home. It was a tight timeline and we had a 6 month lock that was very competitive. I was appreciative of my closing associate Ebony Arendt in particular as she went above and beyond to ensure we stayed on track despite builder delays!
Cy
Cynthia
1 year ago
Easy and Straightforward!
Working with Morty made the mortgage process really easy and straightforward! They were able to compare rates across multiple lenders, ensuring I got the best rate for the right mortgage for me. I liked the personalized focus and attention, I never felt like just another number. My Closing Lead, Jack, was super communicative and responsive, really great to work with. And, I was able to benefit from their float down option when rates dropped - I still worked with the same team at Morty, but the lender changed, it was seamless. I would highly recommend using Morty!
MZ
Mer Zam
1 year ago
Working with Morty was very easy
Working with Morty was very easy. I found their website for tracking progress to be easy to use and concise for monitoring what was needed to close. Jack and Diego were extremely helpful and easy to communicate with. They explained the process and supported us throughout the whole journey. They were easy to get in touch by phone, text or email and helped us work quickly to close on time. Thanks to the team at Morty in helping us buy our family home!
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