Morty mortgage review
A digital marketplace with no origination fees connecting homebuyers with personalized loan options.
Morty helps you access more than 1,500 loan options personalized to your property and financial situation, all without charging origination or underwriting fees. You can apply in minutes with closing in as little as three weeks. But the marketplace isn’t available nationwide, and it has higher down payment requirements for repeat buyers.
|Loan products offered||Conventional, Jumbo, Refinance|
|Minimum credit score||Conventional: 660|
|Minimum down payment (Conventional)||3%|
|State availability||AL, AR, CA, CO, CT, DC, DE, FL, GA, IA, ID, IL, IN, KS, KY, MD, ME, MI, MN, MS, MT, NC, NE, NJ, NM, OH, OK, OR, PA, SC, TN, VA, WA, WI, WV|
To secure a mortgage through Morty, the following requirements apply:
- Minimum FICO credit score of 660
- Current on all accounts on your credit report
- No more than one 30-day past due payment in the previous 12 months
- No balances on outstanding non-medical collection or charge-offs of more than $2,000
- Proof of verifiable income for the previous two years
- Proof of employment in the same line of work or similar field for at least two years prior to application submission
- Maximum debt-to-income ratio of 43%
To obtain your preapproval and personalized loan options, you need to provide the following:
- Documentation of assets available to pay your down payment and closing costs
- Documentation of all debts
- Submission of a full credit application
Costs and fees
Unlike most mortgage originators, Morty doesn’t charge origination or underwriting fees. With typical origination fees ranging from 0.5% to 1% of the total loan amount, this translates into significant savings.
However, you’re still responsible for any third-party fees associated with buying a home, like title fees and closing costs. Since Morty gathers loan options from a variety of lenders, these fees can vary.
How to apply for a mortgage with Morty
Applying for a mortgage with Morty is fast — and done entirely online. Here’s how to do it:
- Go to Morty’s website and select Get Started from the navigation menu.
- Select Get my mortgage, enter the property address and confirm a few details about the property. Select Next when finished.
- Enter your name, email address, phone number and choose a password, then select Sign up to create an account.
- Provide your offer price, estimated closing date and whether you have a coborrower. Select Continue when finished.
- Enter information about your down payment, assets and income, then select Continue.
- Provide information about your past and present homeownership.
- Verify your email address, add credit information to allow Morty to perform a hard inquiry, then select Run Credit Report when prompted. After Morty runs your credit, select Continue.
- View your personalized loan options and lock your loan.
After you’ve completed the application, all you need to do is close. You’ll have a dedicated closing specialist to assist you the rest of the way.
Note that Morty performs a hard credit check, so it will show up on your credit report and may cause a short-term drop in your score by about 5 points.
What types of mortgages can I get through Morty?
How Morty’s mortgage products compare to other lenders
Morty only offers conventional loans, jumbo loans and certain refinance loans as of June 2021, so its product offering isn’t as expansive as many traditional lenders. However, the company says it intends to expand its services in the future.
If you’re interested in other types of mortgages such as FHA, VA or USDA loans, you’ll need to explore other lenders.
Compare mortgage lenders and brokersCompare these lenders and lender marketplaces by the type of home loan you're searching for, state availability and minimum credit score (for a conventional loan). Select See rates to provide the company with basic property and financial details for personalized rates.
Morty reviews and complaints
As of June 2021, Morty is fully accredited with the Better Business Bureau (BBB) and holds an A+ rating. With only two reviews so far, reviewers on the site have rated Morty 3 out of 5 stars.
Reviewers on Trustpilot have rated Morty 4.4 out of 5 stars with a total of 110 reviews. Reviewers satisfied with their experience commend the company’s simple and efficient application process, helpful loan officers and excellent customer service.
Dissatisfied customers complained mostly about closing issues and high fees. Since fees vary depending on the lender Morty connects you with, we recommend doing your research into what costs are involved with that specific lender before moving forward with your home loan.
Pros and cons of Morty
Morty offers homebuyers a number of benefits, but there are some drawbacks to consider.
- Intuitive website. Morty’s website provides lots of information about their products, the application process and requirements for obtaining a mortgage.
- Streamlined application process and quick preapprovals. With its fully online application process, you can get a preapproval in hand and lock in a loan option in just minutes.
- Fast closing. Morty cuts the time to close to as little as three weeks, compared to an average of 30 to 60 days with many traditional lenders.
- Closing Date Promise. Morty will waive appraisal fees if it misses your closing date by one business day. If Morty misses your closing date by more than one business day, it will waive its entire commission and credit your closing costs by the equivalent dollar amount.
- No origination fees. Morty doesn’t charge any origination or underwriting fees, which is a rarity among mortgage brokers.
- Not yet available nationwide. Morty is a licensed mortgage broker in most states across the US, but not all. However, it’s currently working to expand to all 50 states.
- Higher down payment requirement for repeat buyers. While Morty only requires a down payment of 3% for first-time homebuyers, repeat buyers have the following requirements:
- -5% down payment for repeat buyers purchasing single-unit homes
- -15% down for repeat buyers purchasing two-unit properties
- -20% down for repeat buyers purchasing three- or four-unit properties
What is Morty?
Morty is a digital mortgage broker that partners with lenders to offer mortgages to homebuyers throughout much of the US. While Morty originates mortgages, mortgages are actually funded by third-party lenders. The company is paid by its lender partners and makes money by managing the entire mortgage process from application through closing.
Founded in 2016 and based out of New York City, the company has secured a total of $11 million in funding so far.
Matt Miczulski is a personal finance writer at Finder. After paying off $30,000 in debt in a little more than a year, he applied what he learned as a writer at FinanceBuzz, where he specialized in finance news, banking, debt and travel. He has been featured on MSN, Best Company, Money Done Right and Recruiter. Matt is a proud military veteran, completing one tour in Iraq and earning a BA in History along the way.
Morty shops the mortgage marketplace for you and can be a great option for comparing the best offers you qualify for from top lenders. The application process is fully online and can be completed in minutes. While Morty doesn’t charge any origination or underwriting fees, any applicable third-party fees depend entirely on the lender you choose to go with.
In all, Morty offers a ton of benefits for homebuyers. The downside? It isn’t yet available nationwide. If you currently live in a state not yet serviced by Morty or want to work with a lender directly, continue to compare mortgage lenders to find the one that best suits your needs.