Morty Review | Compare Mortgage Options Online

Shopping for the best mortgage is about more than just looking for the lowest mortgage rates. You have to consider the various terms, lender reputation, fees, penalties, early payoff option, and more. 

Along the way, it would be nice if there was someone available to help you evaluate different mortgages. That's the problem that Morty is trying to solve. Rather than directly lending to homebuyers, it allows you to search for mortgages that fit your needs. Because of that, the amount of info needed to see results is very little.

Once you find a mortgage, you can complete the entire application to closing online. If you get stuck, a Morty advisor is available to help you. If you’re shopping for a mortgage, Morty might be just what you need. Start mortgage shopping with Morty here >>>

What Is Morty?

Morty (Morty, Inc.) is an online mortgage marketplace. It was founded in 2015 and is based in New York City. Its founder and CEO is Nora Apsel.

Morty has raised $11.5 million through a Series A. Its last raise was in August 2019 by Prudence Holdings for $8.5 million. Prudence Holdings led the Series A. Unfortunately, there aren't any numbers available on Morty's growth or how many people it has helped to secure mortgages.

What Does It Offer?

Morty is a not a direct lender, but rather a licensed mortgage broker. It's a marketplace that allows people to shop for the best mortgage lenders. While Morty doesn't lend, it will work with its customers through the lending process.

Since it's not a lender, Morty does not charge any fees. This doesn’t mean your mortgage will be free. Each lender will have its fee structure and loan requirements. Since Morty is screening lenders for you, you shouldn’t have a problem meeting most loan requirements.

Down Payment

Down payments range from 3% to 20%. When Morty refers to a down payment, they're really talking about the loan-to-value (LTV) ratio. The LTV is your down payment vs. the amount being borrowed. For example, a down payment of $20,000 on a $200,000 loan is an LTV of 10%.

Minimum down payments fall into four categories as follows.

Income Requirements

Morty is fairly strict about income. Basically, if you don't have a steady job that you've held for the last couple of years, you'll have difficulty qualifying. Also, if your income has fluctuated over the last two years, you'll need to have good income records.

There are certain income types that Morty does not work with. These include anyone who has been unemployed for a couple of months, switched career fields, or is self-employed.

Expedited Closings

Morty says that its digital processes could get you to close in as little as three weeks. It also has a Closing Date Promise which means that it will refund your appraisal fees if it misses your target closing date. However, there are some strict guidelines that you must follow in order to be eligible for it.

For one, the loan must be for the purchase of a primary residence. Your target closing date must also be set at least 30 days after your lock date. So that you aren’t hold up your closing date, you’ll need to promptly sign and upload all requested documents and pay any related fees.

Fully Online Mortgage Application And Closing

There are four main steps to completing your mortgage using Morty:

All of those steps can be done online. However, completing a mortgage application and closing are complex and tedious processes. To help with any snags, you’ll have a Morty advisor ready to jump in when needed. You can expect some phone calls to work through more complex issues.

So while the process may still require analog intervention, that is really up to you and how comfortable you are with mortgage applications and the closing process.

Licensed In 36 States, Including DC

Not everyone will have access to Morty’s services. This will depend on which state you live in, as Morty is not available in all states yet. However, they are expanding. Below are the states that currently have access to the platform:

• Alabama
• Arkansas
• California
• Colorado
• Connecticut
• Delaware
• District of Columbia
• Florida
• Georgia
• Illinois
• Indiana
• Iowa
• Kansas
• Kentucky
• Maryland
• Michigan
• Minnesota
• Mississippi
• Nebraska
• New Jersey
• New York
• North Carolina
• Ohio
• Oklahoma
• Oregon
• Pennsylvania
• South Carolina
• Tennessee
• Virginia
• Washington
• Wisconsin

Start To Finish Assistance

As mentioned, Morty is not a lender. They are a mortgage broker, meaning they help you find a lender and more. Once you have secured a lender, Morty doesn’t step out of the picture.

Morty helps you from pre-approval of your mortgage application up to closing on your home.
Think of Morty as a mortgage concierge service. While you’ll likely be working with a realtor and lender, you’ll still have Morty in your corner to help you navigate the mortgage process.

Are There Any Fees?

Because Morty isn't a lender, they don't charge any fees. However, your lender will charge fees, and the amount will vary by lender.

How Do I Contact Morty?

There are many ways to contact Morty.

By phone:
(844) 457-8564
Mon-Fri, 9 AM- 7 PM (EST)

By email:
Homebuyers — help@morty.com
General inquiries — hello@morty.com

By mail:
180 Varick Street, Suite 816
New York, NY 10014

By Chat:
Through their website at https://www.morty.com.

Customer Service Ratings

TrustPilot — 4.4 out of 5 stars from 108 reviewers.

Better Business Bureau — 3.5 out of 5 stars from 2 reviewers.

How Does Morty Compare?

Compared to a traditional lender, Morty is likely to be more efficient. But one of its main downsides is that it doesn't support as many loan types as other marketplaces such as Credit Karma Home Loans or LendingTree.

Currently, Morty is only able to help homebuyers shop for conventional or jumbo loans. Meanwhile other sites may be able to compare government-insured mortgages or HELOCs as well. Here's a quick look at how Morty stacks up to the competition.

How Do I Open An Account?

You can open an account by visiting Morty's website. The first step is to get a quote. This takes less than 2 minutes. You need to provide the following to receive a quote:

• City and state
• Home purchase price
• Down payment
• Credit score
• First and last name
• Email address

Once you settle on a mortgage lender, more information will be needed. How much is up to the lender but expect about as much as filling out a bank loan application.

Is It Safe And Secure?

Yes — Morty's website is encrypted and they don't share your information. Each lender will have its own security standards which you'll want to check before handing over your information. 

Funds such as a down payment should go into an escrow rather than directly to the lender. That is standard practice, and of course, you'll want to verify where your down payment is going.

Is It Worth It?

Morty offers convenience but for specific people. If you're comfortable doing everything online, aren’t self-employed, and you need a conventional or jumbo mortgage, you’re the ideal customer for Morty. 

Even for those who have had variable earnings over the last couple of years, Morty may still be a good option for obtaining a mortgage. But if you're self-employed or you're looking for a larger variety of mortgage options, Morty won't be able to help you.

If Morty isn’t the right fit for your mortgage-shopping needs, check out our list of some of the best online mortgage lenders.

Morty Features