Morty
AUTHORIZED PARTNER

Morty

 4.5/5 (47 ratings)
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Morty

About Morty

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.

Overall Satisfaction Rating

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Pros

  • Designed for home purchases
  • Work with home loan pros
  • Totally online service

Cons

  • Limited mortgage options

Bottom Line

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.

Morty FAQ

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:

  • Alabama
  • Alaska
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Florida
  • Georgia
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Michigan
  • Minnesota
  • Mississippi
  • Montana
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming
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.

Morty Reviews

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Page 1 Reviews 0 - 5
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

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    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

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Nov. 3, 2021

    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.

    Morty response

    Hey Blake,

    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,

    Rob

    Be the first one to find this review helpful
    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 30, 2021

    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.

    Morty response

    Hey Luke,

    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,

    Rob

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Aug. 29, 2021

    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.

    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 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

    Be the first one to find this review helpful
    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. 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.

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    Morty Company Information

    Company Name:
    Morty
    Website:
    www.morty.com