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Morty helps you access thousands of loan options personalized to your property and financial situation. 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.
Conventional: 620
Minimum credit score
3%
Minimum down payment (Conventional)
Not available in: HI, MA, MO, NV
State availability
Loan products offered | Conventional, Jumbo |
---|---|
Minimum credit score | Conventional: 620 |
Minimum down payment (Conventional) | 3% |
State availability | Not available in: HI, MA, MO, NV |
NMLS # | 1429243 |
Morty is not currently available on Finder
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Morty’s homebuying process is distinct from its competitors in that it shops the mortgage marketplace for you, providing you with a simplified process for comparing the best offers you qualify for from top lenders. Being a tech-driven company, it also offers a straightforward and fully online application process. In other words, there’s no waiting for a mortgage officer to get around to contacting you to complete the process.
The company stands out even more by not charging any origination or underwriting fees. This is a rarity among mortgage originators, as these fees are typically charged as compensation for the services being provided.
The biggest downsides to Morty is that it isn’t yet available nationwide and it currently only offers conventional mortgages and limited refinance transactions. Morty is available in 46 states and Washington, DC.
In short, Morty helps homebuyers save time and money. But if you live in a state outside Morty’s service area or need access to other types of home loans, continue to compare mortgage lenders to find the one that best suits your needs.
To secure a mortgage through Morty, the following requirements apply:
To obtain your preapproval and personalized loan options, you need to provide the following:
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.
Applying for a mortgage with Morty takes only a few minutes and is done entirely online. Here’s how to do it:
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.
Morty only offers conventional loans and certain refinance loans as of August 2021, so its product lineup is less expansive than many traditional lenders. However, the company says it intends to expand its services in the future. Refinance transactions are only available to customers who have previously closed a home purchase with Morty.
If you’re interested in other types of mortgages such as FHA, VA or USDA loans, you won’t be able to access them directly through Morty’s site. However, through its partnerships Morty may be able to provide customers with these loan types.
Compare top brands by home loan type, state availability and credit score. Select See rates to provide the lender with basic property and financial details for personalized rates.
Disclaimer: The partners on Finder's mortgage comparison tables are sorted in alphabetical order.
As of February 2022, Morty is fully accredited with the Better Business Bureau (BBB) and holds an A+ rating. With only two reviews so far, customers have rated Morty 3 out of 5 stars.
Reviewers on Trustpilot have rated Morty 4.6 out of 5 stars with a total of 200 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 researching what costs are involved with that specific lender before moving forward with your home loan.
Morty offers homebuyers a number of benefits, but there are some drawbacks to consider.
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 $38.4M in funding to date, including a $25M Series B in 2021.