Morty Mortgage Review for 2022

Morty mortgage rates

As an online mortgage broker, Morty works with a large network of lenders, giving borrowers access to multiple loan options.

You can even request sample rates from its website without doing a full loan application. Simply enter the home’s purchase price, the size of your down payment, ZIP code, and your estimated credit score. From here, you’ll receive rate information for 30-year and 15-year fixed-rate loans.

Keep in mind that different factors influence mortgage rates, such as your credit score and down payment. And rates vary from lender to lender. So it’s important to shop around for your best offer.

As a mortgage marketplace, Morty doesn’t underwrite your new home loan. Instead, it serves as an intermediary between you and a lender. This allows for easy comparison shopping since you can compare rates and pricing from multiple lenders after just one application.

Morty mortgage review for 2022

Morty’s mission is to help borrowers find the right mortgage at the right price.

The process of shopping for a mortgage and finding a low rate can be time-consuming. Morty aims to reduce some of that hassle by offering multiple loan options after a single online application.

The company offers a few loan options, such as 30-year, 20-year, and 15-year fixed-rate mortgages, depending on how fast you want to pay off the loan. There are also loans for investment properties and second homes available, as well as for primary residences.

Homeowners can also refinance with Morty, but only if they originally closed their home purchase loan with the broker.

Many borrowers like the convenience of an online mortgage application. But even though Morty makes loan comparison simple and fast, this might not be the right mortgage experience for everyone.

Morty isn’t the right fit if you’re looking for a government-backed loan (FHA, VA, or USDA). If you want one of these loan types, you’ll have to apply with a different mortgage lender.

Working with Morty

If you decide to apply with Morty, you’ll work with one of the company’s loan experts throughout the entire loan process.

To get started, use the broker’s online sample rate tool to get up-to-date interest rate estimates. From here, click “Get started” to review your loan options and start the preapproval process.

You’ll need to provide the property’s address and supporting financial documents, such as:

  • Recent bank account statements
  • Investment account statements
  • W2s and tax returns for the past two years

The lender will also conduct a hard credit pull to determine eligibility.

According to a Morty representative, once you’ve completed these steps and a loan expert reviews your information, you can receive a preapproval in as little as 15 minutes. Your preapproval letter remains valid for three months.

After submitting your loan application, you’ll also receive a Loan Estimate with information on interest rates, loan terms, and cash-to-close (down payment and closing costs). Then your loan will go through the underwriting process, which includes scheduling a home appraisal to ensure the loan amount isn’t more than the property’s value.

Morty hopes to close most home loans in about three weeks, although closing times can vary for each borrower.

Morty customer service reviews

As a recent startup, Morty doesn’t have a J.D. Power rating. And, there appear to be no complaints filed against the company with the Consumer Financial Protection Bureau (CFPB).

As for customer reviews, Morty has a rating of 4.43/5 on Zillow and 4.5/5 on LendingTree. Additionally, the mortgage broker has a rating of 4.7 on TrustPilot out of over 200 reviews.

Several customers praised the broker for its simple transactions, great online tools, and excellent customer support. Others were happy with their mortgage interest rates, and a few customers were able to close in under 30 days.

Mortgage loan products at Morty

Unfortunately, Morty does not offer a wide selection of home loan products. Currently, you can only get a conventional loan. Morty does not offer FHA loans, VA loans, or USDA loans.

  • Conventional loan: The most common mortgage option. Home buyers can qualify for this loan type with a 620 credit score and 3% down payment for first-time home buyers purchasing a single-unit home and 5% down for repeat buyers. Repeat buyers purchasing a two-unit home need 15% down and 20% for a 3-4 unit home
  • Jumbo loan: These are non-conforming loans outside of Fannie Mae and Freddie Mac loan limits, which are currently $ in most parts of the country. Morty’s jumbo loan limit is $2 million
  • Fixed-rate mortgage (FRM): Fixed-rate loan options include a 30-year, 20-year, or 15-year loan terms
  • Adjustable-rate mortgage (ARM): mortgage options include a 5/1, 7/1, or 10/1 ARM.

With an ARM, you’ll pay a fixed interest rate for 5, 7, or 10 years, and then the rate can reset every year for the remainder of the loan term (typically 30 years in total).

You can also use a Morty mortgage to finance real estate investment properties or a second home.

Qualifying for a loan with Morty

To qualify with Morty, you need a minimum credit score of at least 620 and no more than one 30-day late payment in the previous 12 months.

Keep in mind, too, that you’re only allowed a debt-to-income ratio (DTI) of up to 43 percent. This is the percent of your gross monthly income that goes toward debt repayment.

You also need a minimum down payment of 5% — or 3% if you’re a first-time homebuyer, according to a representative.

However, those who put less than 20% down on a conventional mortgage are on the hook for paying private mortgage insurance (PMI). Fortunately, you can cancel these monthly insurance premiums once you’ve built at least 20% equity in your home.

Where can I get a mortgage with Morty?

Morty is an online mortgage broker with no brick-and-mortar locations.

Borrowers can apply online, but only in states where Morty is licensed. That includes 45 states and Washington, D.C. Residents in Arizona, Massachusetts, Missouri, Nevada, and Utah will need to look elsewhere for home financing.

Click here to see a full list of states where Morty is available.

Morty mortgage FAQ

What is Morty Mortgage? 

Morty is an online mortgage broker that strives to simplify the mortgage process by providing guidance, comparison shopping, and affordable rates. You can use Morty for a conventional loan when buying a home, or to refinance if you previously used the company for your home purchase.

Is Morty mortgage legit?

Yes, Morty is a legit online service. Morty was founded in 2016 and operates in 45 states plus the District of Columbia. It has a network of lenders, loan officers, and Realtor advisors. Most borrowers can apply and get a pre-approval in under 15 minutes and some loans close within three to four weeks. The broker’s team of licensed mortgage experts can provide loan options and rate information.

Is Morty a direct lender? 

No, Morty is not a direct lender. The company does not lend money for home purchases or refinances. Instead, Morty is a mortgage broker. It serves as a mortgage marketplace that connects you with potential lenders. You can use the company to compare home loan rates and find mortgages to fit your situation.

What credit score do I need for Morty mortgage?

To get approved for a Morty mortgage, you’ll need a minimum credit score of 620. This is about average for what is typically required for conventional mortgages. However, a high credit score can help you qualify for a lower interest rate and lower monthly payments on your mortgage loan.

How much down payment do I need for Morty mortgage? 

If you’re a first-time home buyer, you can get a mortgage through Morty with as little as 3 percent down. But if you’re a repeat buyer, you’ll need a minimum down payment of 5 percent. As is true for any lender, if you put down less than 20 percent, you will pay private mortgage insurance (PMI). This insurance protects the lender in the event of default.

What is a mortgage broker? 

A mortgage broker doesn’t lend funds. It’s an intermediary between a borrower and a bank. Brokers connect borrowers with different lenders, allowing the borrower to shop around and find their best rate quotes. Brokers typically work with a network of lenders, helping borrowers find the lowest mortgage rate.

Should I use a mortgage broker or a direct lender? 

Many borrowers choose to work with a direct lender. This involves getting multiple rate quotes and comparing lenders on your own; however, it gives you full control over the company you choose to work with. A mortgage broker can sometimes save you time and money during your home buying process by comparing loans and rates on your behalf. Still, your loan options will be limited to the network of lenders your broker partners with.

Is Morty the best mortgage lender for you?

Morty could be a good option if you’re looking for a conventional mortgage. If you’re considering an FHA, VA, or USDA loan, you’ll need to work with a different lender. Similarly, if you prefer doing business with a phone call or in-person, you may want to consider a brick-and-mortar mortgage experience.

You’re free to check rates from Morty and decide whether it’s a good option for you.

You can get a rate estimate without submitting a full application, so you can easily see how competitive Morty’s mortgage rates are and decide whether to move forward with the company.

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