Skip to Main Content

Morty Mortgage Review 2024

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 an online mortgage brokerage, so it offers access to a vast array of loan options to fit many needs. (As a broker, it only originates loans; it leaves the funding to third-party lenders.) The ideal borrower might be someone with a strong credit score looking for a conventional loan, or a jumbo loan up to $2 million.

Bankrate Score
Info Icon
4.3
Rating: 4.3 stars out of 5
  • Star Icon
  • Star Icon
  • Star Icon
  • Star Icon
  • Star Icon
  • Star Empty Icon
  • Star Empty Icon
  • Star Empty Icon
  • Star Empty Icon
  • Star Empty Icon

Bankrate Score

Customer Rating
Info Icon
4.2
Rating: 4.17 stars out of 5

6 ratings

Mortgage Percent Icon

Loans offered

Conventional, jumbo, FHA, refinancing

Credit Good Icon

Min. credit score required

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

Location Icon

Nationwide availability

All U.S. states except Hawaii, Massachusetts, Missouri and Nevada

Dollar Coin Icon

Min. down payment

3% for conventional loans, none for VA 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. Closings can happen in as little as three weeks.

Pros and cons of Morty

Pros

  • Checkmark Icon

    Easy online process

  • Checkmark Icon

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

  • Checkmark Icon

    Excellent past customer reviews

Cons

  • Limited refinancing options

How Bankrate scored Morty

  • 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: 8.2/10

Morty displays 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: 10/10

Morty operates in 46 states and Washington, D.C. 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: 7.8/10

Morty has been in business since 2016 with more than $2 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. Its loan officers are available Monday through Friday, 9 a.m. to 7 p.m. ET.

How to apply for a mortgage with Morty

You can apply for a mortgage with Morty online or by phone at 844-457-8564. 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 mortgage lenders

Morty
Rating: 4.3 stars out of 5
  • Star Icon
  • Star Icon
  • Star Icon
  • Star Icon
  • Star Icon
  • Star Empty Icon
  • Star Empty Icon
  • Star Empty Icon
  • Star Empty Icon
  • Star Empty Icon

4.3

Bankrate Score
Info Icon
Bethpage Federal Credit Union
Rating: 4.9 stars out of 5
  • Star Icon
  • Star Icon
  • Star Icon
  • Star Icon
  • Star Icon
  • Star Empty Icon
  • Star Empty Icon
  • Star Empty Icon
  • Star Empty Icon
  • Star Empty Icon

4.9

Bankrate Score
Info Icon
Read full review
First Mortgage Direct
Rating: 4.8 stars out of 5
  • Star Icon
  • Star Icon
  • Star Icon
  • Star Icon
  • Star Icon
  • Star Empty Icon
  • Star Empty Icon
  • Star Empty Icon
  • Star Empty Icon
  • Star Empty Icon

4.8

Bankrate Score
Info Icon
Read full review

Loans offered

Conventional, jumbo, FHA, refinancing

Loans offered

Conventional, jumbo, FHA, refinancing and more

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

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 for FHA loans

Min. credit score required

620 for conventional loans, 580 for FHA loans, 580 for VA loans

Down payment

3% for conventional loans, none for VA loans

Down payment

3% for conventional loans, 3.5% for FHA loans

Down payment

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

Nationwide availability

All U.S. states except Hawaii, Massachusetts, Missouri and Nevada

Nationwide availability

Available in all U.S. states except Texas

Nationwide availability

All U.S. states

Morty customer ratings and reviews

logo

NMLS: 1429243

4.2

Rating: 4.17 stars out of 5

6 ratings

Info Icon

This lender has 0 recent 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.