Morty

Morty is a good option for borrowers who prefer a transparent and fully online mortgage process, with access to various lenders and loan products. It is also a good choice for buyers who are pursuing jumbo loans since Morty has a maximum loan amount of $2 million.

Since Morty is a mortgage broker and marketplace, we don't recommend it for borrowers who prefer to work directly with a lender. Buyers who want a government-backed loan like a VA or USDA loan will be routed to one of Morty’s partners, so finding a direct lender that specializes in those types of loans might be a better option.

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Morty excels in good rates and low closing costs and fees. Many reviewers praised Morty for these two features. Since Morty shops the best loan rates for you, it is easier to save on fees and interest rates than with other lenders.

We rated the application process as good because while many reviewers loved the seamless online application, it is not the best choice for everyone. Those who struggle with doing a digital mortgage can easily become frustrated and might not find as much customer support as they would like.

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.

Many reviewers who used Morty were happy with the rates. One Illinois reviewer ended up switching from a competitor to Morty, saying, “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.”

Another reviewer settled on Morty after shopping around for rates: “The quote that Morty gave me was the most favorable,” they said. “I managed to close within a month like I wanted to.”

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.”

However, other reviewers were confused by the process. New York reviewer Scott  was happy with the cost but found the “underwriting process confusing when it went from the Morty application to other sites.” They said, “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….”

Another homebuyer in Georgia was happy that their home closed in under 45 days, but also wished for a more personalized mortgage process. “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,” they said. “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.”

Morty offers a select few conventional loans and an FHA loan — no other 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 USDA and VA loans, you can find these financing solutions by working with one of its partners.

We rated Morty’s loan offerings as fair because it is a mortgage broker and not a direct lender. Gregory from Maine was able to buy his second home through Morty. “It was a little bit more difficult than a primary home would be,” they said. “So it was nice that they were able to offer me lots of options.”

One reviewer found Morty easy to use and the closing process well-documented but said, “The only thing is on their website, they do not provide like loan options.”

Morty requires all users to have a FICO credit score of 600 or greater. Your accounts on your credit report must also be current with no more than one 30-day past-due payment within the last 12 months. If you have any outstanding non-medical collection or charge-offs, the balances cannot be more than $2,000. Finally, non-traditional credit is not supported.

One homebuyer with a new construction build thought Morty’s dashboard for managing requirements was good. “[It] 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.” They said that Morty’s team processed and verified everything they uploaded within 72 hours.

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.

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.

This reviewer was happy with the fees for the mortgage Morty connected them with, saying, “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.”

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