Morty is an online lender that offers home loans in 35 states and Washington, D.C. With Morty, homebuyers can apply for and pick a mortgage through a completely online process. The company prioritizes educating potential homebuyers on how much they can afford in a mortgage by using its own Home Financing Score system, which helps you improve your chances of gaining approval for a mortgage.
Overall Satisfaction Rating
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- Designed for home purchases
- Work with home loan pros
- Totally online service
- Limited mortgage options
Morty is a mortgage company that offers online mortgages. By using its Home Financing Score system, Morty helps you find the right mortgage for you while educating you on monthly payments and interest rates.
What is Morty?
While some mortgage companies may offer a variety of mortgages and refinancing loans for private and commercial properties, Morty specializes in loans for home purchases. Its offered loan types include:
- 15-year, 20-year and 30-year fixed-rate mortgages
- 5/1, 7/1 and 10/1 adjusted-rate mortgages
Morty’s loans are designed to be used on primary residences or second homes, and the company doesn’t currently offer loans for investment properties or loans issued through the FDA, VA or USDA.
To qualify for a loan with Morty, you must meet the following loan requirements:
- A FICO credit score of 620 or higher
- A steady and predictable income
- A verifiable source of funds
- A maximum debt-to-income ratio of 45% or lower
Morty also requires all loan recipients to pay a 3% or higher down payment, depending on your buyer status and the type of home you’re trying to purchase.
Morty loan rates
Morty’s loan rates change every day, and you can view them on its website. The company determines your loan risk by looking at multiple factors, including:
- Your credit score
- Your DTI ratio
- The loan amount you want
Customers with higher credit scores and lower DTI ratios typically receive better interest rates.
- What types of loans does Morty offer?
- Morty offers loans specifically for home purchasing, such as:
- 15-year, 20-year and 30-year fixed-rate mortgages
- 5/1, 7/1 and 10/1 adjusted-rate mortgages
- Where is Morty available?
- Morty is available in 35 states and Washington, D.C. The states in which Morty operates are:
- New Jersey
- New Mexico
- New York
- North Carolina
- South Carolina
- South Dakota
- West Virginia
- What are the credit score requirements for Morty?
- You must have a minimum FICO credit score of 620 to qualify for a loan with Morty.
- What’s the minimum down payment for Morty loans?
- The minimum downpayment for a loan with Morty ranges from 3% to 20%, depending on the loan and customer.
Is Morty mortgage legit?
Morty is a legitimate mortgage company and a solid option for homebuyers with good credit scores and the ability to pay at least 3% down on a property. While Morty is only available in 35 states and has limited mortgage options, we recommend the lender to homebuyers searching for an online loan experience with specialized services.
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I loved the whole process with Morty. It was amazing. The people helping me were very communicative. They reached out every time they needed something for me and could answer every question I had, too. I sent the paperwork and within that day, they would put it in the system and I could track everything on the website.
Morty had the best rates available that I can find. I got into a 15-year fixed loan. Morty’s application process was straightforward. Color coded system works pretty well. The one area where it was a little bit challenging at first was I didn't feel like I had an actual personal point of contact. Because it was all online, I couldn't tell if the names that were portrayed were actual individuals or just some sort of robotic system. It turns out they were individuals, but the way the interface and interaction was, it was not clear at first.
The reps provided feedback throughout the process on what documents are needed and when. There was an online chat type window that I would type in through occasionally, and then there' are also emails throughout. I was skeptical of the rates just because they were so low. I even tried to match them at three or four places, and I was told that they could not be matched.
Brandon, thanks for taking the time to write a review! We’re working hard to create a fully digital product that makes getting a mortgage easier than ever and are so glad we were able to help you buy your home. Thanks for using Morty and congratulations!Best,
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Morty was very helpful. The rate that I got was really competitive and that was the main reason I went with them. They were all easy to work with. My only frustration was the third party lender kind of slowed things down and made us push it back, but I do believe that was outside of Morty’s control. They explained why they pushed it back, but it was the day of. It was kinda too late at that point. I had submitted everything that I needed. Morty thought they had everything that they would have normally needed. The day after I was supposed to close, they had told me that they've never had to go back to somebody and ask for that type of information. So, I think they were getting kind of mixed messaging from the third party.
What I enjoyed about the Morty process was they had essentially a quote system where I knew what my down payment was going to be and what the cost of the house was. They let me put in different numbers like if I wanted to put more or less of a down payment down and if I wanted to do a 20-year loan or a 30-year loan.
Thanks for choosing Morty and congratulations on your new home!
We always strive to stay ahead of third-party needs and certainly appreciate your understanding when things don't go quite as planned because they are outside of our control. We appreciate you taking the time to share more about your experience. It was a pleasure working with you and thank you again for using Morty!Best,
Morty had the best rates, and the ability to adjust all the little settings was appreciated. That was what I looked for. They nailed the process but I would have liked more transparency and for them to allow for more conditions because it's a very common thing that people move to get a new job. That needs to be part of the sign-up or application so people aren't going to be turned off. There was no option for me to select, "I'm moving to get a job," and have my start date be in the future so I had to put in bad data. I cleared it with Morty's rep but that was a one to two-day wait. It made the process not as straightforward and not as clear. It put a lot of asterisks on what I was doing, whereas other places would allow me to select future dates to indicate that I was starting a job when I move. The representatives that I worked with at Morty were all fine people but I wish that there was more correspondence and better availability. It was very hard to get ahold of them throughout the process. There were multi-day wait sometimes.
Thanks for taking the time to write a review! We’re working hard to create a fully digital product that makes getting a mortgage easier than ever and are so glad we were able to help you buy your home.
We truly appreciate your feedback as it informs how we continue to improve our product experience going forward. Thanks for using Morty and congratulations on your new home!Best,
The process was all virtual. Morty had a really good dashboard that walked you through every stage of the process, and what forms were needed to be filled out, and what information you needed to provide in terms of income verification. So they verified your personal information and then you went to asset and income verification, and then the next stage was homeowner’s insurance. All those things were laid out in a workflow so it was very clear what you needed to provide them. Their team processed everything very quickly and easily within a matter of 72 hours of getting something uploaded because they had to confirm that you had provided the right information or feedback that you needed to clarify something.
The actual underwriting took an extended period of time, but that was because we were doing a new construction build, so it's kind of a special case. The builder needed to finish the house to have it appraised, so that took some of the actions a little longer than typical. But our loan was secured for 90 days and we ran over that by four days, but Morty accommodated that with a seven-day grace period for the underwriting to have the final appraisal done. The timeline it took was very long, but that was nothing to do with Morty. They were very expedient in getting things done once our builder had finished the asset. So overall, the process on Morty’s to get an underwriting was exceptional.
There was one issue in which the appraisal was handled. It was a new construction, so we had to do an in-process appraisal to get the underwriting going and follow up with a final appraisal. Morty coordinated with a national appraisal company to do that in our area, and that wasn’t very transparent. It was a little confusing because we had a grace period to finalize the underwriting that we had to hit, meaning once the house was done, we were already over that 90-day window. We were on the 91st day.
To get the appraisal turned around in time to meet the seven-day grace period, Morty had to contact the appraisal company. They said there was a fee of $250 to get the appraisal expedited in time to meet the grace period. But then the appraisal was done 12 hours later, which was sort of shocking to me. I followed up with Morty on that, and when I checked the date of the appraisal that was actually scheduled, the final appraisal was scheduled before they told me an expedite fee was required. So it was like they knew they were going to do an appraisal, but then after they'd already done it, they backed up and charged me a bogus fee. Morty admitted that did not seem right. So they were advocating to try to get that expedite fee refunded. But I never saw that fee refunded to me, so that was a bit frustrating in terms of the final appraisal and the transparency of their appraisal process.
In terms of getting the closing costs and everything from the lender, it was all transparent. The transparency in the underwriting was very good. Also, the terms from Morty were very good in terms of your ability to shop for a 15-year or 20-year or 30-year mortgage. We benchmarked Morty against the other main virtual lenders like Rocket or Quicken, and they were coming back with better rates and much better closing costs than other virtual lenders.
Our loan officer was very good. Paige was her name and we touched base before we ever went through the actual process because I had questions about how everything was done. So she scheduled a one-on-one phone call to walk me through Morty’s process. She made everything very clear, and she was in constant communication with our underwriter, our closing attorney and the lender. She was that liaison to get that information back and forth. So that was handled very well by Paige. She also worked with the lender to get that seven-day grace period negotiated. So we had an exceptional time with Paige managing our loan.
It was the most hassle-free experience. And the interest rate that Morty quoted me was really good. At the beginning during the loan origination, customer service was on point. Later as we neared closing, it was hit and miss. There was sometimes a lag when I would need to speak to somebody or have some information remade. It became more spotty as we approached closing and I would need specific information from the lender, which of course Morty was a middleman. So there were some instances where that could have been better.
For me, this was all about lowest closing costs and the lowest interest rate. I'm willing to deal with a significant amount of hassle given that it's a 30-year commitment, and this equates to tens of thousands of dollars. So overall, I would recommend Morty. They gave me almost a $5,000 credit. That's huge. I can use that to remodel my home. That's what I was shopping for and that's what I got with them. So I was pleased.
I was skeptical of the value of a broker - but the Morty team located the most competitive loan for my needs, helped work through several obstacles, streamlined the communication to the lender and closing agent, and provided an awesome web interface to track progress and communicate with me most effectively. Would definitely recommend.
Thanks for the awesome review, Craig! We’ve worked hard to transform the mortgage experience and we’re happy we were able to make it easier for you. Thank you for using Morty and we look forward to working with you the next time you're looking for a new home!Best,
Morty is very easy to use and I can do everything online. I worked with the website and the web app. The website is pretty easy to use. The closing process is well documented so that I can just upload my documents as instructed. The only thing is on their website, they do not provide like loan options.
Thanks for taking the time to write a review! We’re working hard to create a fully digital product that makes getting a mortgage easier than ever and are so glad we were able to help you buy your home. If you have suggestions for ways we can better our website experience, please feel free to share them via email@example.com. Thanks for using Morty, and congratulations!Best,
I was satisfied with the process. From application to closing, it took 30 days, and the rates and terms are good.
Thank you so much for your kind words, Jeff, and congratulations on your new home! We appreciate you taking the time to share more about your experience. It was a pleasure working with you and thank you again for using Morty!Best,
Working with Morty was great and very easy. They had the cheapest mortgage rate for me. My loan officer was excellent. If I had a question or anything, I could email him, and he would get right back to me. I was gonna be leaving town and he worked really hard so we could close a couple days earlier.
Karen, thank you for your review! We’re happy to hear you had a great experience with our platform and our team. Congratulations on your new home and thanks for choosing Morty!Best,
The rep was really helpful. He always answered my questions and responded, and everything went good.
Billy, thank you for your review! We’re happy to hear you had a great experience with our team. Congratulations on your new home and thanks for choosing Morty!Best,
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