Morty

Morty

 4.2/5 (46 ratings)
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About Morty

Morty (NMLS # 1429243) is an online mortgage broker that offers potential borrowers loan quotes from various lenders. The company guarantees you’ll make your closing date or receive $2,000. With Morty’s Quick Close Advantage, your homebuying process can be expedited, allowing you to close in as little as 14 days.

Overall Satisfaction Rating

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Pros

  • Quick and responsive
  • Can reduce closing time by half

Cons

  • No government-backed loans
  • No HELOC or home equity options

Bottom Line

Morty is not a direct lender. It’s an online broker that works with borrowers from preapproval to closing to help them find the right mortgage lenders. It guarantees a 14-day closing, but it doesn’t offer any government-backed options.

Top Morty Reviews

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Rated with 5 stars
Verified

Morty was very responsive … They put up with my ineptness at filing the proper paperwork and guided me into getting the right stuff. The reps were far more than I expected and ver...

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Rated with 4 stars
Verified

The process took less than two months…I ended up asking a ton of questions. I was maybe a bit more needy than some of the other people, but communication on the status could have ...

Read full review

Rates

Many online lending-matching platforms provide teaser rates that may increase or decrease based on your personal information, often leading to surprises after the preapproval letter comes in. With Morty, you can use a mortgage rate calculator to see the current loan rates before applying.

Application process

Working with Morty can make the mortgage process more efficient — start by creating a Morty account and uploading your financial documents to the secure platform. The more information you provide, the more accurate your quote will be.

If your application looks good, you’ll receive an instant preapproval letter, which can be used when you submit an offer on your home. If your application isn’t successful, the company will explain why.

Once everything is in order, you’ll receive personalized loan options. Once you move forward with your choice, Morty assigns you a closing specialist to help the rest of the process go smoothly.

Sebastien of Virginia, a Morty reviewer on our site, said about their experience: “They were very responsive to any of my questions. It was my first time buying a home, so I was very stressed out … but they were able to calm me down and say, ‘This is normal. We just need these documents.’ And the whole process was pretty seamless. I felt really good about the terms and happy about the rate we got. It's historically one of the lowest in the last however many years.”

Loan types

Morty offers a select few conventional loans — no government-backed loan options, as of publishing — for borrowers. The Morty platform supports home purchases for primary, secondary and investment properties. Morty also offers conventional jumbo loans of up to $2 million.

Loans Morty’s platform does not support loans for the following:

  • Multifamily homes with five or more units
  • Manufactured homes
  • Planned unit developments (PUDs)

While Morty’s platform doesn’t direct you to government-backed loans, such as FHA, USDA and VA loans, you can find these financing solutions by working with one of its partners.

Refinancing

Morty can help with refinancing if you’ve already purchased a home through the Morty platform. If you’re not an original Morty user and need to refinance, check out these refinance companies instead.

Requirements

You can increase your chances of getting preapproved through Morty by focusing on homes within your budget. Here are a few things to consider when deciding if you can afford a potential home:

  • Your gross monthly income: This is how much money hits your bank account on payday, after taxes and withholdings are taken out.
  • Your monthly expenses: Take an honest look at your budget and how much you spend on different categories, such as rent, groceries, car maintenance, utilities and childcare.
  • Your monthly debt repayment: Track how much you spend on car payments, student loan repayment and other credit card and loan repayments.
  • Your savings account: Figure out how much you have saved for a down payment and closing costs.

The general rule of thumb is that your mortgage shouldn’t cost more than 28% of your monthly income, and you should keep your debt responsibility to under 36% of your monthly income.

National mortgage requirements by type

Min. credit scoreMin. down paymentCompare with other lenders
ConventionalTypically 620Typically 3%Mortgage lenders
FHA5003.5% with 580 credit scoreFHA lenders
VASet by lender (often 580)0%VA lenders
USDASet by lender (often 640)0%USDA lenders

Cost and fees

Morty is free to use. You won’t have to pay any closing costs until your home purchase is finalized. Plan for 3% to 6% in additional fees on top of your home purchase price.

FAQ

How does Morty work?

Morty matches potential homebuyers to lenders with competitive rates. The platform walks them through to closing.

Is Morty legit?

Yes, Morty is licensed in most states and has access to its lending partners’ wholesale rates.

Where is Morty available?

Morty is easy to access online and is licensed in 46 states and Washington, D.C. Morty is not available in Hawaii, Massachusetts, Nevada or Missouri.

Morty Reviews

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How do I know I can trust these reviews about Morty?
  • 4,190,212 reviews on ConsumerAffairs are verified.
  • We require contact information to ensure our reviewers are real.
  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.

For more information about reviews on ConsumerAffairs.com please visit our FAQ.

Page 1 Reviews 0 - 5
Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: March 28, 2022

It went great with Morty. We had an insurance hiccup at the very last day but I appreciated the online, automated nature of it. They provided a very intuitive interface that let me make my choices easily and helped me to bring it all the way to closing. This is the first mortgage for a second home. It was a little bit more difficult than a primary home would be so it was nice that they were able to offer me lots of options. The rates were good. It was a little tricky in that my loan was almost too small. I had raised my offer so that I'd qualify to even use the lender, but only about $500. So, it worked out okay.

Morty response

Thanks for taking the time to write a review, Gregory! 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,

Rob

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Feb. 24, 2022

    I applied for a traditional loan, and Morty gave me a great rate and good customer service. I'm happy with them. The representatives I worked with were great, very responsive.

    Morty response

    Thanks for your review, Terrez! The proprietary marketplace technology behind our platform creates significant efficiencies throughout the mortgage process, allowing us to pass the savings onto you, the homebuyer. We’re happy to hear you had a great experience with our team and we’re grateful for your business. Congratulations on your new home!

    Best,

    Rob

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Feb. 16, 2022

    They were very responsive to any of my questions. It was my first time buying a home, so I was very stressed out the entire time, but they were able to calm me down and say, "This is normal. We just need these documents." And the whole process was pretty seamless. I felt really good about the terms and happy about the rate we got. It's historically one of the lowest in the last however many years.

    Morty response

    Thanks for sharing your experience, Sebastien! We’re working hard to transform the mortgage experience and we’re happy we were able to make it easier for you. We’re so glad that you had a great experience with our platform and our team.

    The proprietary marketplace technology behind our platform creates significant efficiencies throughout the mortgage process, allowing us to pass the savings onto you, the homebuyer. We’re grateful for your business and congratulations on your new home!

    Best,

    Rob

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Feb. 9, 2022

    I went with Morty because the rate that I could get at the time was better than the alternatives I was looking at. The cost was also either equivalent or lower than some of the alternatives for the entire process. I was happy with that. It was self-serve up through getting the initial preapproval and starting the underwriting process. It was a bit confusing at times in the underwriting process when it went from the Morty application to other sites. It took us to a couple of different ones, including Quicken and another one. The applications didn't always seem to talk to each other, so I had tasks due in one, and they weren't necessarily reflected in the other one. It was a bit tough at times to understand what was going on, but I just treated them independently and made sure all the tasks were done. It could have been easier to navigate those though.

    Whenever I needed input from any of the representatives, they were responsive. There were times where I wasn't quite sure who was the main point of contact at whatever stage we were at, so I would send a message to someone because I'd talked to them before and I didn't get a response. And it turned out they weren't the point person for that stage. I ended up spamming multiple people when I had questions later in the process and get the answer from whoever's responsible.

    Morty response

    Thanks for your review, Scott! The proprietary marketplace technology behind our platform creates significant efficiencies throughout the mortgage process, allowing us to pass the savings onto you, the homebuyer.

    At Morty, we have built a streamlined platform that utilizes technology to provide an experience free of the headaches typically associated with the homebuying process. Each aspect of our platform has been thoughtfully developed by our expert team and we are constantly evaluating our approach to better serve users. We regret that you found any part of the process confusing to navigate.

    We greatly appreciate your feedback and will use it to inform our priorities going forward. We’re grateful for your business and congratulations on your new home!

    Best,

    Rob

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Feb. 8, 2022

    Morty seemed to have the best overall package of best rate and best closing cost, so I went with them. I liked the website. It showed how the progress went. And I dealt with Jack. He had very continuous communication with me right out through the very end. He kept me very informed on every little step. Very smooth transaction. So, Morty was a very well organized company.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: March 31, 2022

    The guy that I talked to was helpful and gave information. The application and underwriting process didn't take much time, so that was fine. Everything was good.

    Morty response

    Thanks for taking the time to write a review, Gopi! 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,

    Rob

    Be the first one to find this review helpful
    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 29, 2022

    We were using a different mortgage broker before Morty and we were almost done with the process with them. But then when it came time to lock in the rate, the interest rate had gone up. It was higher than I expected. I shopped around again. I was glad we switched to because not only did we get a better rate, but we had a better experience with Morty 'cause it was more transparent. I liked that everything was online so that made it a lot easier for us to keep track of where everything's at, what documents they have and don't have, and get updates from them. They also didn't have the closing costs and origination fees. I had a million questions and the representative was responsive, helpful, and patient with me. If I called and he didn't pick up, he would call me back pretty quickly. If I texted him, he would respond to my text the same day.

    Morty response

    Thanks for the awesome review, Amina! 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 choosing Morty and we look forward to working with you the next time you're looking for a new home!

    Best,

    Rob

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 28, 2022

    My experience overall is very good. The representatives went out of their way to work with me, especially with getting the information they needed quickly and getting the loan to close as quickly as possible. They did a very good job keeping in touch with me, and the system that Morty has in place with tracking the loan makes it easy to see where you are on the process.

    Be the first one to find this review helpful
    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 27, 2022

    The process took less than two months, and initially, I provided some feedback to my main contact guy that he could have been more responsive. Sometimes I’d provide the stuff that was requested, then it would be almost like a black hole. I didn't know if things were being looked or if it was exactly what was needed, and I ended up asking a ton of questions. I was maybe a bit more needy than some of the other people, but communication on the status could have been a little better. Ultimately though, it got done, which is the only thing that matters.

    Be the first one to find this review helpful
    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 26, 2022

    Morty was very easy to use, and better communication would have been the only thing I would have asked for. There were times where I would call people and not get responses. It left me wondering, "Does everybody have everything they need?" Maybe it had moved from one person at that point to somebody else, and if that was the case, it would have been nice to have someone call me back and let me know, "Hey, call and talk to this person now." Other than that, it was a great experience. The rate and terms worked for me too.

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    Morty Company Information

    Company Name:
    Morty
    Website:
    www.morty.com