Morty is an online mortgage marketplace currently licensed in 44 states and Washington, D.C. The company works with homebuyers to match them with the right loan from its marketplace using its Interactive Loan Options tool and serves as an advocate throughout the buying process. According to Morty, its technology helps streamline the mortgage experience to provide quick, reliable preapprovals and transparent, on-time closings.
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- Designed for home purchases
- Work with home loan pros
- Totally online service
- Limited mortgage options
Morty is an online mortgage marketplace that provides tools to help you find the right mortgage for your needs. The company also has resources to help you learn about topics like 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 43% 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 44 states and Washington, D.C. The states in which Morty operates are:
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- 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. Morty is available in most states. While the company has limited mortgage options, we recommend Morty 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.
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.
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,
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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.
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,
When I went to LendingTree and put in my information, Morty was top of the list with the lowest interest rate and APR. I thought it was worth contacting them because of that. The only thing was that they did everything electronically, which was an advantage, but being a little bit old school, I was concerned because they didn't have that personal touch. When I reached out to the team that was handling the mortgage and told them I hadn't heard anything from anyone, the rep said that I didn't request that they contact me. That was via email and after that contact, I understood that it was an electronic process.
They directly addressed what I was asking and I could tell they were engaged. It made me relax a little bit and be able to trust the process. It ended up being perfect. They were on target and effectively communicated to me what my next steps were to make sure I wasn't holding up the process. We had an under 45-day target closing date and there was no hiccup hitting that.
Thank you so much for your kind words, Norman, and congratulations on your new home! We appreciate you taking the time to share more about your experience. 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. It was a pleasure working with you and thank you again for using Morty!Best,
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 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.
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,
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.
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,
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.
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,
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.
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,
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.
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