• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

The College Investor

Student Loans, Investing, Building Wealth

  • About
  • Podcast
  • Research
  • Contact
  • Save For College
      • How To Start

      • How To Save For College
      • How To Pay For College
      • What Is the Average Cost of College?
      • What Is A 529 Plan and Where to Open One in Your State
      • How Much Should You Have In A 529 Plan By Age
      • How To Use A 529 Plan For Private Elementary And High School
      • What Are Qualified Expenses For A 529 Plan (And What Doesn’t Count)?
      • The Best Brokers To Open A 529 Plan
      • Tools + Accounts

      • 529 Plans: The Ultimate College Savings Plan
      • 529 Plan Contribution Limits
      • Prepaid Tuition Plans | What To Know
      • Understanding And Using 529A ABLE Accounts
      • Using A Roth IRA To Save And Pay For College
      • FAFSA Deadlines for Financial Aid
      • CollegeBacker Review
      • Upromise Review
      • UNest Review
      • Other Options

      • Student Loan And Financial Aid Programs By State
      • The Guide To Military And VA Education Benefits
      • How To Fill Out The FAFSA
      • How To Find College Scholarships
      • The Best College Scholarship Search Websites
      • How To Find Grants To Pay For College
      • Pell Grants: What They Are And How To Qualify
      • Understanding Federal Work-Study
      • How To Use A 529 Plan If Your Child Doesn’t Go To College
  • Student Loans
      • Borrowing

        • How Student Loans Work
        • How To Apply For A Student Loan
        • How To Find The Best Student Loans And Rates
        • Best Private Student Loans Of June 2022
        • Best Student Loans To Pay For Graduate School
        • Best Student Loans To Pay For Medical School
        • Parent Loans To Pay For College
        • No-Cosigner Student Loan Options
        • Guide To Income Sharing Agreements (ISAs)
        • Best International Student Loans
      • Get Out Of Debt

        • Best Places To Refinance Student Loans In June 2022
        • Best Student Loan Repayment Plans
        • Best Student Loan Refinancing Bonuses And Promotional Offers
        • Student Loan Forgiveness Programs (The Complete List)
        • The Full List Of Student Loan Forgiveness Programs By State
        • Public Service Loan Forgiveness (PSLF)
        • Top Student Loan Scams
        • Average Student Loan Monthly Payment
        • Average Student Loan Debt By Year
      • Reviews

        • Credible Review
        • Splash Review
        • Ascent Review
        • Citizens Bank Review
        • Commonbond Review
        • Earnest Review
        • ELFI Review
        • Laurel Road Review
        • LendKey Review
        • SoFi Review
  • Investing
      • How To Start

        • How To Start Investing in High School
        • How To Start Investing In College
        • How To Start Investing In Your Twenties For 22 – 29 Year Olds
        • How To Start Investing In Your 30s For 30 – 39 Year Olds
        • How To Start Investing With $100 Or Less
        • How To Give Kids The Gift Of Stock
        • What Is Dividend Growth Investing
        • IRA Rollover Chart
      • Tools + Accounts

        • Best Online Stock Brokers
        • The Best Traditional And Roth IRA Accounts
        • The Best Robo-Advisors
        • The Best Investing Apps
        • The Best Places to Trade Options
        • The Best Places To Open A Health Savings Account
        • The Best Solo 401k Providers
        • The Best Self-Directed IRA Providers Of 2022
        • Best Cryptocurrency Exchanges
      • Reviews

        • Vanguard Review
        • Fidelity Review 2022: Still One Of The Best Online Brokers
        • M1 Finance Review
        • TD Ameritrade Review
        • Charles Schwab Review
        • Robinhood Review
        • Webull Review
        • Betterment Review
        • Wealthfront Review
  • Earn More Money
      • Extra Income

        • 15 Best Side Hustles You Can Start Earning With In 2022
        • 53 Side Hustle Ideas To Make Extra Money
        • 100 Ways To Make Money In College
        • 80 Ways To Make Money From Home (In Your Pajamas)
        • 5 Quick Money Making Ideas (That Take Less Than 1 Hour)
        • 10 Interesting Ways You Can Make Money Driving
        • High-Paying Side Gigs That Earn $1,000 or More Per Month
        • The 10 Best Money-Making Apps
        • Paid Surveys: Earn Money For Giving Your Opinion Online
        • 10 Crazy Ways To Make $10,000 You’ve Never Heard Of
      • Build Wealth

        • 35 Passive Income Ideas You Can Use To Build Wealth In 2022
        • 3 Ways To Make $50,000 Per Year Without Working With Passive Income
        • How To Become A Real Estate Investor With Just $500
        • 15 Best Online Business Ideas
        • How to Create Streams of Passive Income on a Limited Budget
        • Residual Income: 7 Super Smart Ways to Build It
        • The Most Common Multiple Income Streams
        • How To Become A Real Estate Mogul With Only $10,000
      • Reviews

        • Fundrise Review
        • RealtyMogul Review
        • FarmTogether Review
        • AcreTrader Review
        • Swagbucks Review
        • Survey Junkie Review
        • TopCashback Review
        • DoorDash Review
  • Personal Finance
      • Banking

        • Best High Yield Savings Accounts Of June 2022
        • 10 Best Money Market Accounts Of June 2022
        • 10 Best Free Checking Accounts In June 2022
        • The Best Bank CD Rates Of June 2022
        • 10 Best Business Checking Accounts In June 2022
        • The Best Online Banks Of June 2022
        • 5 Best Credit Unions Nationwide Of June 2022
        • Best College Student Checking Accounts In June 2022
      • Insurance

        • Best Life Insurance Companies
        • Renters Insurance
        • Car Insurance
        • Pet Insurance
        • Umbrella Insurance
        • Disability Insurance
        • Tuition Insurance
        • Travel Insurance
      • Credit Tools

        • Best Budgeting Apps
        • Cash Advance Apps
        • How To Get A Free Credit Score Report
        • The Best Credit Monitoring Services
        • Debt Settlement: Inside The Secret World
        • Credit Repair Explained: Should You Pay For Help?
        • Best Personal Loan Companies And Lenders
        • Online Loan Companies To Borrow From Home
      • Tax

        • Best Tax Software
        • Free Tax Software
        • IRS Tax Refund Calendar
        • Common IRS Questions and Errors
        • Federal Tax Brackets
        • Capital Gains Tax Brackets
        • 401k Contribution Limits
        • IRA Contribution Limits
        • HSA Contribution Limits
  • Forum
  • Search
Home » Loans » Home Loans » Morty Review | Compare Mortgage Options Online

Morty Review | Compare Mortgage Options Online

Updated: December 30, 2021 By Robert Farrington

Tweet
Share
Share
Pin
Email

At The College Investor, we want to help you navigate your finances. To do this, many or all of the products featured here may be from our partners. This doesn’t influence our evaluations or reviews. Our opinions are our own. Learn more here.Advertiser Disclosure

There are thousands of financial products and services out there, and we believe in helping you understand which is best for you, how it works, and will it actually help you achieve your financial goals. We're proud of our content and guidance, and the information we provide is objective, independent, and free.

But we do have to make money to pay our team and keep this website running! Our partners compensate us. TheCollegeInvestor.com has an advertising relationship with some or all of the offers included on this page, which may impact how, where, and in what order products and services may appear. The College Investor does not include all companies or offers available in the marketplace. And our partners can never pay us to guarantee favorable reviews (or even pay for a review of their product to begin with).

For more information and a complete list of our advertising partners, please check out our full Advertising Disclosure. TheCollegeInvestor.com strives to keep its information accurate and up to date. The information in our reviews could be different from what you find when visiting a financial institution, service provider or a specific product's website. All products and services are presented without warranty.

Morty Review

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 >>>


Morty logo

Quick Summary

  • Go from pre-approval to closing all online
  • A Morty adviser is available to help you every step of the way
  • Get a pre-approval letter in less than 5 minutes
GET STARTED

Morty Details

Product Name

Morty

Service

Mortgage comparison shopping

Types of Mortgages

Conventional and jumbo

Fees

None from Morty

Promotions

None

Table of Contents
What Is Morty?
What Does It Offer?
Are There Any Fees?
How Do I Contact Morty?
How Does Morty Compare?
How Do I Open An Account?
Is It Safe And Secure?
Is It Worth It?

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.

Morty 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.

  • First-time homebuyer purchasing a single-unit home — 3%
  • Repeat buyers purchasing single-unit homes — 5%
  • Two-unit properties — 15%
  • Three- or four-unit properties — 20%

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

Fast 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:

  1. 1
    Create your account.
  2. 2
    Determine your mortgage eligibility.
  3. 3
    Get personalized loan options with no hidden fees.
  4. 4
    Close on your new home.

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.

Header
Morty logo

Rating

Purchase Loans

Refinance Loans

Conventional

Jumbo

FHA

VA

Home Equity

Cell
GET STARTED
READ THE REVIEW
READ THE REVIEW

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

Services

Mortgage comparison shopping

Purchase Mortgages

Yes

Refinance Mortgages

Yes

Fixed Rates

15, 20, and 30 years

Variable Rates

5/1, 7/1, and 10/1 ARM

Conventional Loans

Yes

FHA Loans

No

VA Loans

No

USDA Loans

No

Jumbo Loans

Yes

USDA Loans

No

Home Equity Loans

No

Fees

None from Morty

Soft Credit Pulls On Rate Quotes

Unclear

Customer Service Phone Number

1-844-457-8564

Customer Service Hours

Mon-Fri, 9 AM- 7 PM (EST)

Customer Service Email Address

Homebuyers — help@morty.com
General inquiries — hello@morty.com

Mobile Availability

None

Promotions

None

Morty Review
  • Commissions and Fees
  • Ease of Use
  • Loan Options
  • Features
  • Customer Service
Overall
4

Summary

Morty is an online marketplace that compares home loan lenders and promises a speedy mortgage process from preapproval to close.

Pros

  • Compare offers from multiple lenders
  • Work with a dedicated advisor
  • Receive a pre-approval letter in minutes
  • Close quickly (in as little as 3 weeks)

Cons

  • Limited loan options
  • Not yet in all 50 states
  • Not open to self-employed homebuyers
  • Try Morty
Robert Farrington
Robert Farrington

Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.

He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.

He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.

Morty Review | Compare Mortgage Options Online
Editorial Disclaimer: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, or other advertiser and have not been reviewed, approved or otherwise endorsed by any of these entities.
Comment Policy: We invite readers to respond with questions or comments. Comments may be held for moderation and are subject to approval. Comments are solely the opinions of their authors'. The responses in the comments below are not provided or commissioned by any advertiser. Responses have not been reviewed, approved or otherwise endorsed by any company. It is not anyone's responsibility to ensure all posts and/or questions are answered.
Subscribe
Connect with
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
Notify of
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
0 Comments
Inline Feedbacks
View all comments

Primary Sidebar

Robert Farrington will teach you how to get out of student loan debt and how to start investing.

Hi! My Name is

America's Millennial Money Expert

Welcome to The College Investor. We're here to help you escape student loan debt so you can start investing and building wealth for the future

Our expert guides, reviews, and more are designed to help you achieve your financial goals.

Want to learn more? See what's in my wallet.

As Featured In

Social Media

Popular Posts

Side Hustling

53 Side Hustle Ideas To Make Extra Money

Best Side Hustles

15 Best Side Hustles You Can Start Earning With In 2022

Make Money From Home

80 Ways To Make Money From Home (In Your Pajamas)

Crazy Ways To Make $10,000

10 Crazy Ways To Make $10,000 You’ve Never Heard Of

Make $50,000 Per Year

3 Ways To Make $50,000 Per Year Without Working With Passive Income

Student Loan Scams

Top Student Loan Scams

Net Worth of Millennials

Average Net Worth Of Millennials By Age

Ways To Get Student Loan Forgiveness

Student Loan Forgiveness Programs (The Complete List)

Passive Income Ideas

35 Passive Income Ideas You Can Use To Build Wealth In 2022

529 Plan By Age

How Much Should You Have In A 529 Plan By Age

Ultimate Guides

529 Plan Guide

529 Plans: The Ultimate Guide To College Savings Plans

Student Loans and Financial Aid By State

Student Loan And Financial Aid Programs By State

Student Loan Advice

The Definitive Guide To Student Loan Debt: Everything To Know About Your Loans

Student Loan Forgiveness By State

The Full List Of Student Loan Forgiveness Programs By State

newretirement

How to Start Saving Now: The College Graduate’s Guide to Saving for Retirement

Latest Research

Institutional Merit Grants

Who Gets Institutional Merit Grants At Private Colleges?

Resume Student Loan Payments

Survey: Even With Higher Expenses, Most Student Loan Borrowers Are Ready To Resume Payments

Support From Parents Survey

64% Of Millennials Receive Support From Their Parents

undermatching at selective colleges

Undermatching: Why Do Smart Low-Income Students Not Enroll In Selective Colleges?

How Much Americans Pay To File Their Taxes

How Much Americans Pay To File Their Taxes

Footer

Who We Are

The College Investor is an independent, advertising-supported publisher of financial content, including news, product reviews, and comparisons.

Connect

  • Contact Us
  • Advertise
  • Press & Media

About

  • About
  • Our Team
  • Podcast
  • Editorial Guidelines
  • How We Make Money
  • Archives

Social

Copyright © 2022 · The College Investor · Privacy Policy ·Terms of Service · DO NOT Sell My Personal Information

wpDiscuz