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.
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Morty mortgage review
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- Minimum credit score
- Conventional: 620
- Minimum down payment (Conventional)
- 3%
- State availability
- Not available in: HI, MA, MO, NV
Our verdict
A digital marketplace with no origination fees connecting homebuyers with personalized loan options.
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.
Details
Features
| 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 |
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Our take on Morty
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.
Morty requirements
To secure a mortgage through Morty, the following requirements apply:
- Minimum FICO credit score of 620
- 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%
Documentation
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 takes only a few minutes and is 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. Choose Next when finished.
- Enter your name, email address, phone number and choose a password, then hit 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 choose 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?
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.
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Morty reviews and complaints
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.
Pros and cons of Morty
Morty offers homebuyers a number of benefits, but there are some drawbacks to consider.
Pros
- 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.
Cons
- 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
- Limited mortgage products. Morty only offers conventional fixed-rate and adjustable-rate mortgages and certain refinance transactions as of August 2021.
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 $38.4M in funding to date, including a $25M Series B in 2021.
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