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's mortgage process was easy until we got to the backstretch. The number of monthly bills and itemized items that they need was the most we've ever been required to do. Their paperwork is quadruple of what a bank was. Every time it rolled over to another month before it's proved, they want another month's worth of data. We had gotten used to having a great credit rating and everything getting approved in 10 minutes. Also, Morty's wants us to fax stuff and we don't have a fax. For people who don't have those services available or are able to drive to a UPS store and get things faxed, they're in trouble.
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Morty came up first on LendingTree, and they had a good rate. The application was easy as I expected it to be. But it was all well-collected. Everyone saw when I uploaded things and responded immediately. Things were very smooth. Also, the reps communicated effectively. They had lots of standard communication tools that they tend to use well. The website was there, up and running and up to date. So it told me what my case was and how it was moving along.
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.
One of my friends used Morty before, and he was happy with it. So, I ended up with Morty. The application process wasn’t difficult. It was just that underwriting took 2 weeks to 20 days. They were pretty reasonable with communication. The only thing we were surprised with is the closing cost. If this closed by $100, it’s not a big difference. But with more than $1,000 from the initial expectations versus the final, that's a little different. But Morty did do their part of the work properly.
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.
Working with Morty was good. Everything was online and they were very responsive. I got the best quote.
Morty put me in touch with the lender with the best rate. Pre-approval was easy and then once we starting moving forward, they needed more documentation. But it was all pretty simple. Their communication was clear and they helped me throughout the whole process. Also, I'm very happy with the rates I got and they've continued to drop a little bit since then. I financed the first home at 2.5% which is pretty great for only 5% down.
I went through the preapproval thing. And then I went through 100 pieces of paperwork over and over until they finally got through and said I had a mortgage. I talked to the rep a couple of times. He did good at first. And then, stopped talking because he had something going on in his family, which kept him out for a week or so. And everybody else there was very hard to get ahold of. Other than that, the rates and returns were fine. If you have a lot of time and patience, Morty is good to go through. But if you don't, I wouldn't go through them. Part of that is the people they found. LoanDepot is a problem, too. So it was a very long, exasperating ordeal.
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