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Morty Mortgage Review

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1 Minute Review

Morty is a mortgage broker that uses technology to speed up the loan process. While it has limited mortgage options and a relatively high minimum credit score requirement, its competitive rates and transparent process make it worth considering if you meet the criteria.

Best For

  • Those with good credit
  • Conventional loan borrowers
  • Primary residence borrowers

Pros

  • Competitive rates
  • Fast, verified preapproval
  • Expedited closing with clear instructions

Cons

  • Only offers conventional loans
  • Not available in 15 states
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Morty offers a better way to get a mortgage. Morty is a mortgage broker that uses technology to simplify and streamline the process. Is Morty right for you? Let’s find out now.

Who’s Morty for?

Morty could be right for you if you have a credit score of 680 or higher and are looking for a conventional home loan. While this might seem limited, it’s important to keep in mind that Morty is a mortgage broker rather than a lender. 

A mortgage broker works with lenders to find the best deal for you. To do that, Morty has developed an innovative platform that gives you access to more than 1,500 loan options from the best mortgage companies

You can spend hours looking at lender after lender and comparing rates and requirements. Morty does all that work for you. You set up your account and Morty finds the best loans for you from its network of lender partners. 

Morty does the legwork of figuring out each lender’s requirements. You can see how your mortgage is progressing and you have a clear timeline of what’s happening. It takes the stress out of the mortgage process so you can focus on getting ready for your new home. 

For now, it’s focused that technology on conventional loans for borrowers purchasing a primary residence. A primary residence means that you’re planning to live in the home you purchase. 

Morty doesn’t support jumbo, FHA, VA or USDA loans at this time and is not  licensed in the following states:

  • Arizona
  • Arkansas
  • Hawaii
  • Louisiana
  • Massachusetts
  • Missouri
  • Nevada
  • North Dakota 
  • New Hampshire
  • Rhode Island
  • South Dakota
  • Texas
  • Utah
  • Vermont
  • Wyoming 

Morty Products

Morty’s platform offers conventional loans, which are loans that aren’t affiliated with a government program. Through the Morty platform, you can access 2 types of conventional loans: a fixed-rate mortgage and an adjustable-rate mortgage. 

Fixed-Rate Mortgages

A fixed-rate mortgage always has the same interest rate. This means that your required monthly payments also stay the same. Morty’s lending partners offer 15-year, 20-year and 30-year fixed-rate mortgages. This means that the loan will last 15, 20 or 30 years, assuming you don’t make any extra payments. 

A 15-year home loan has higher monthly payments than a 20- or 30-year mortgage, but you pay less in interest over the loan term and you pay off your home sooner. A 30-year mortgage has lower monthly payments than a 15- or 20-year mortgage.

Adjustable-Rate Mortgages

Adjustable-rate mortgages (ARMs) have an interest rate that the lender can change, which means your monthly payments can change as well. These loans typically have an introductory period with a fixed rate. 

Morty’s lending partners offer 5/1, 7/1 and 10/1 ARMs. 

  • A 5/1 ARM has a fixed rate for the first 5 years. Rates adjust annually in-line with changes in the benchmark or index rate.
  • A 7/1 ARM has a fixed rate for the first 7 years, followed by annual rate changes. 
  • A 10/1 ARM has a fixed rate for the first 10 years and rates adjust annually in-line with changes in the benchmark or index rate.

Primary Residences

Morty’s lending platform supports borrowers shopping for a primary residence. That includes:

  • Single-family detached homes
  • Townhomes and row houses
  • Homes with 1-4 units as long as you live in 1 of the units
  • Condos

At this time, Morty doesn’t support co-ops, homes with 5 or more units, manufactured homes or mixed-use properties. It also doesn’t support investment properties or second homes. 

Average Days to Close Loan

Morty offers an efficient closing process that can take as little as 3 weeks. It uses technology to simplify the process so you know exactly what to expect at each step along the way. 

Closing is the process from when you submit your application to when you sign on the dotted line and pay the balance of your closing costs and down payment. Morty’s platform allows you to sign all your closing documents digitally.  

Your Morty mortgage expert is available to help you through the process and answer any questions you have. Morty works directly with the lender, translating the process into easy-to-understand steps. That means less of a headache for you. You can view the status of your loan and time estimates for each step at any time. 

Morty Credit Score Minimum

To use Morty, you’ll need a credit score of 680 or higher. Lenders use your credit score to determine what interest rate to offer you. The higher your credit score is, the lower your rate will be. 

Morty also requires you to be up-to-date on all the accounts on your credit report. You can have 1 30-day past due payment in the past 12 months. If you have any outstanding collection or charge-off, your balance can’t be more than $2,000. 

Borrowers on the Morty platform also need a 43% or lower debt-to-income ratio (DTI). Your DTI compares your monthly debt payments to your gross monthly income. 

For example, let’s say you make $4,000 per month before taxes and you have $1,500 in total debt payments, including your potential mortgage, car payment, credit cards and student loans. This gives you a DTI of 37.5%, which meets Morty’s requirements. 

Preapproval Documents

Morty offers a quick, verified preapproval that you can complete in a few minutes. To ensure it goes smoothly and to be prepared for when you fill out your formal application, it’s best to be prepared. 

Morty will need to verify your employment history, your income and the assets you’ll use to pay your down payment and closing costs. To help the process go smoothly, you should have the following documents ready:

  • W-2s for the past 2 years
  • Signed tax returns for the past 2 years
  • Pay stubs from the past 30 days
  • Your 2 most recent statements from your bank accounts
  • Documentation of the source of your down payment
  • A letter from your gifter if you’re using gift funds for a down payment
  • Documentation of any recent name changes (marriage certificate, divorce decree)
  • A copy of your state-issued ID

Customer Service

Morty offers a few ways to get in touch. You’ll be interacting with its mortgage experts throughout the process. You can reach them by email at help@morty.com. You can also call them at 844-457-8564 Monday through Friday from 9 a.m. to 7 p.m. ET. You can also chat with a mortgage expert from any page of the Morty website. 

Morty doesn’t have a mobile app at this time, but you can view its website from your phone. Its website is user-friendly. You just set up an account and upload or link your financial documents. From there, Morty lets you know your Home Financing Score™, which lets you know your chances of getting preapproved. It also gives you tips for improving your odds. 

You can save and come back to your Morty account at any time. Once you’re ready to move forward, you can view your loan options or schedule a call with a mortgage expert. Once you choose a loan, you’ll have a dedicated closing specialist who can help you coordinate the process. 

Morty’s approach to customer service sets it apart. 

Is Morty Right for Me?

Morty is unique in the mortgage market because it’s a mortgage broker that uses technology to offer you a streamlined experience. If you meet Morty’s criteria and you’re looking for a conventional mortgage, Morty is worth considering. It can connect you with great lenders for first-time home buyers, but it’s also a refreshing change of pace if you’re an experienced home buyer.

Morty isn’t for everyone, but it’s also working on expanding its offerings. For example, if you live in a state that Morty doesn’t serve currently, check back from time to time, as it’s working on expanding. If you’re looking for an FHA or VA loan, you may want to work with a direct lender that serves those loans.