Founded in 2016, Morty is an online mortgage broker based in New York City. The brokerage has processed more than $1.2 billion in loans in its six-year history, and it prides itself on a quick online process with fast preapproval verifications and applications that take less than 15 minutes to complete. The brokerage can help borrowers access more than 1,500 loan options based on their individual needs. One notable piece of the brokerage’s mortgage offering is a promise to meet your closing date on time. If you don’t and the delay is Morty’s fault, the brokerage will either waive your appraisal fee or waive its entire commission. Closings can happen in as little as three weeks.
Borrowers with strong credit scores who are looking for a conventional or jumbo loan up to $2 million
- Rate-and-term refinancing
Morty charges a commission fee, but the exact price or percentage is unclear. However, the brokerage does not charge a fee for a credit check or for locking your loan.
On its website, Morty displays transparent sample rates that you can customize with a few key details: purchase price, down payment, zip code and estimated credit score. For a specific loan estimate, you’ll need to share additional details and sign up with your email address.
Past customers who have worked with Morty for their mortgage needs give it high marks: The brokerage has a 4.6 (excellent) rating based on 200 customer reviews on Trustpilot.
Morty’s aim is to deliver a tech-focused mortgage experience, so, not surprisingly, the brokerage offers a robust digital program for getting preapproved and submitting your financial documentation. Every document can be signed electronically. There is also an online chat functionality that allows you to interact with Morty representatives, although their availability might be limited to the brokerage’s standard business hours of 9 a.m. to 7 p.m. (Eastern time) Monday through Friday.
Minimum borrower requirements
To get a loan through Morty, you’ll need a credit score of at least 620. Additionally, your debt-to-income ratio cannot exceed 43 percent, and you can have no more than one 30-day past-due payment in the last 12 months. The brokerage is ideal if you have steady employment with the same employer over the past two years. If you’re a small business owner or have variable income, you’ll need to show more evidence of your personal finances and could face some additional challenges getting approved.
You’ll need to have a minimum down payment of 3 percent if you’re a first-time homebuyer. If you’ve purchased a home before, that number jumps to 5 percent. If you’re planning on buying a two-unit property (duplex), you’ll need 15 percent of the purchase price, and for three- and four-unit properties, 20 percent down at minimum.
Refinancing with Morty
If you’re looking to refinance your existing mortgage, the only way you can do it with Morty is if your original mortgage was obtained through the brokerage. It’s unclear what fees apply for refinancing. The brokerage also offers recasting, which doesn’t involve a new application but can lower your monthly payment and total interest for a cost, typically around $10,000.
Not sure if Morty is right for you? Consider these alternatives
Breakdown of Morty overall review score
- Affordability: 4/5
- Availability: 5/5
- Borrower experience: 4.3/5
To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews. Here is our full methodology.