Skip to Main Content

Morty Mortgage Review 2023

Bankrate logo

The Bankrate promise

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .

At a glance

Morty
NMLS: 1429243
Editor's take

Morty is one brokerage option for borrowers with strong credit scores who are looking for a conventional or jumbo loan up to $2 million. The broker also touts quick closing times.

Bankrate Score
Info
4.8
Rating: 4.8 stars out of 5
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star

Bankrate Score

Customer Rating
Info
4.2
Rating: 4 stars out of 5

6 ratings

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, fixed-rate, adjustable-rate; rate-and-term refinancing

Credit Good

Min. credit score required

620 for conventional loans; 620 for jumbo loans; 600 for FHA loans

Location

Nationwide availability

All states except Hawaii, Massachusetts, Missouri and Nevada

Dollar Coin

Min. down payment

3% for conventional loans; none for VA loans

At a glance

Morty

NMLS: 1429243

4.8

Rating: 4.8 stars out of 5
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star

Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, fixed-rate, adjustable-rate; rate-and-term refinancing

Location

Nationwide Availability

All states except Hawaii, Massachusetts, Missouri and Nevada

Credit Good

Min. credit score required

620 for conventional loans; 620 for jumbo loans; 600 for FHA loans

Morty overview

Founded in 2016, Morty is an online mortgage broker based in New York City. The brokerage has processed $2 billion in loans, 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 you access more than 1,500 loan options based on your 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. It can take as little as three weeks to close.

Pros and cons of Morty

Pros
  • Checkmark

    Easy online process

  • Checkmark

    Offers five-minute preapprovals as well as applications in less than 15 minutes

  • Checkmark

    Excellent past customer reviews

Cons
  • Close X

    Limited refinancing options

Our Editor’s Take on Morty

Morty is one brokerage option for borrowers with strong credit scores who are looking for a conventional or jumbo loan up to $2 million. The broker also touts quick closing times.

How Bankrate scored Morty

To determine Morty’s Bankrate Score, Bankrate’s editorial team rated it and other 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.) We derived its overall score by considering three basic factors:

  • Affordability: Morty displays the latest rates on its website, which you can personalize to your situation. As of this review, its 30-year fixed rate offer was well below Bankrate’s average.
  • Availability: This broker works with borrowers in most states, but its FHA loans come with a higher minimum credit threshold compared to some other lenders.
  • Borrower experience: Morty aims to deliver a tech-forward mortgage experience, from getting preapproved and submitting your financial documentation to closing.

Affordability: 5/5

Morty displays transparent sample rates online 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. The broker charges a commission fee based on the amount of the loan, but this fee is paid by the lender, not you directly. The broker doesn’t charge fees for an application, credit check or locking your rate.

Availability: 5/5

Morty operates in all U.S. states with the exception of Hawaii, Massachusetts, Missouri and Nevada. The broker offers conventional (conforming and non-conforming) and FHA loans with fixed and adjustable rates. It also offers rate-and-term refinancing, but only if you closed your initial purchase loan with the broker.

Borrower experience: 4.3/5

Morty has been in business since 2016 with more than $1.9 billion in loans since. The broker is accredited by the Better Business Bureau and has an A+ rating from the organization. It has a rating of 4.8 stars, or “Excellent,” on Trustpilot.

How to apply for a mortgage with Morty

Morty allows you to apply for a mortgage online through its digital platform. Its brokers are available Monday through Friday, 9 a.m. to 7 p.m. ET.

Here are some tips to prepare for the process:

  1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
  2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
  3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

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.

Compare Morty to other lenders

Morty
Rating: 4.8 stars out of 5
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star

4.8

Bankrate Score
Info
Sage Mortgage
Rating: 4.9 stars out of 5
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star

4.9

Bankrate Score
Info
Read full review
Ally Bank
Rating: 4.9 stars out of 5
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star
  • Star

4.9

Bankrate Score
Info
Read full review

Loans offered

Conventional, jumbo, FHA, fixed-rate, adjustable-rate; rate-and-term refinancing

Loans offered

Conventional, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; jumbo

Loans offered

Conventional, jumbo, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing

Min. credit score required

620 for conventional loans; 620 for jumbo loans; 600 for FHA loans

Min. credit score required

620 for conventional loans, 500/580 for FHA loans

Min. credit score required

620 for conventional loans, 700 for jumbo loans

Down payment

3% for conventional loans; none for VA loans

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans

Down payment

3% for conventional conforming loans, 10.01% for jumbo loans

Nationwide availability

All states except Hawaii, Massachusetts, Missouri and Nevada

Nationwide availability

Available in Alabama, California, Colorado, Connecticut, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Maryland, Michigan, Minnesota, New Hampshire, New Jersey, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Washington and Wisconsin

Nationwide availability

Available in all U.S. states

Morty customer ratings and reviews

logo

NMLS: 1429243

4.2

Rating: 4 stars out of 5

6 ratings

Info

This lender has 0 reviews.

Knowledge
Rating: 4.5 stars out of 5
Level of service
Rating: 4.3 stars out of 5
Professionalism
Rating: 4.3 stars out of 5
Responsiveness
Rating: 4.3 stars out of 5
5 stars
4 stars
3 stars
2 stars
1 star
67%
17%
0%
0%
17%

83% of customers would recommend this lender.