Morty is a mortgage broker that skillfully combines technology and a team of mortgage experts. As a result, Morty helps homebuyers easily find and secure financing to buy a home. From pre-approval to closing, Morty can help at every step of the way.
Since its founding in 2016, Morty has helped thousands of homebuyers. It’s mortgage services are available in 30 states and Washington, D.C.
In this review, we’ll take a closer look at everything Morty offers. Then, you can decide if it’s right for you.
Pros and Cons of Morty
- Close in as few as 3 weeks
- Gives multiple loan recommendations
- Fast, reliable pre-approval process
- Not available in every state
- Relatively limited mortgage options
What Does Morty Offer?
Morty isn’t a lender, but rather it’s an online mortgage broker. So, it works with lenders on behalf of homebuyers. For this reason, Morty can help alleviate most of the time-consuming burdens associated with securing a mortgage. Thus, homebuyers can focus solely on buying the perfect home.
Morty helps with 15-year, 20-year, and 30-year fixed-rate mortgages and 5/1, 7/1, and 10/1 ARM mortgages. Another key point to note is that Morty helps with mortgages for primary residences. Currently, it doesn’t work with mortgages for second homes or investment properties.
In order to get more specific about everything Morty offers, we’ve broken it down into a few categories:
- Personalized loan options
- Fast pre-approval
- Expert guidance
- Expedited closing
Personalized loan options
Without any effect on your credit, Morty automatically generates loan options tailored to your situation and needs. So, you can explore different purchase prices, down payments, and rate lock periods.
It’s also important to keep in mind that Morty’s lending partners support fixed-rate and adjustable-rate mortgages. Morty doesn’t work with VA, FHA, or USDA loans.
Morty’s verified pre-approval process can be completed in minutes. And since it verifies your information in real-time, it’s 100% accurate. Then, access your pre-approval easily from your phone when you’re out house hunting. As you look for your new home, you may find this gives you an advantage over other bidders.
Morty offers expert guidance at any point along the process. A licensed mortgage expert can help with everything from adjusting your personalized options to locking in your rate.
Fast and stress-free closing
Closing is often one of the most stressful parts of getting a mortgage. Conveniently, Morty offers an expedited closing time. So, you can close in as little as three weeks.
What To Expect on the Site
In order to keep things simple, Morty has a straightforward four-step online process:
- Create your Morty account: Enter the property address of the home you’re buying and upload or link your financial documents on their secure platform. The more documents you provide, the more accurate your rates will be.
- Determine your mortgage eligibility: Morty’s Home Financing Score™ lets you know exactly what you need to do to improve your chances of getting pre-approved.
- Get personalized loan options: Choose to have Morty’s team prepare loan options online or schedule a time to talk with one of its mortgage experts.
- Close on your new home: Benefit from a closing specialist who’ll coordinate every step of the closing process.
Morty has a few requirements it verifies during this process, including that you have a:
- FICO credit score of 680 or greater
- Steady and predictable income
- Maximum debt-to-income ratio of 43%
Morty is completely free to use. However, if you move forward with one of its recommendations, then you can expect to pay the lender the normal fees associated with closing. Additionally, Morty makes it clear how much you’ll ultimately pay for each loan option it finds with detailed price breakdowns.
What People Are Saying About Morty
As of May 2021, Morty has an excellent Trustpilot rating. There, Morty has a customer rating of 4.4 out of 5 stars based on customer reviews:
- 85% of customer reviews give it 5 out of 5 stars
- 88% of customer reviews give it at least 4 out of 5 stars
The Bottom Line
Morty goes the extra mile to take care of the confusing and time-consuming parts of purchasing a new home. It offers a fast pre-approval process, expert guidance, and expedited closing. So, it’s a resource for both first-time homebuyers and homeowners looking to move.
With this in mind, Morty is a unique option to include in your comparison of top mortgage lenders.